Merion Realty Partners acquired Spark Black Bear apartment which is a 250-unit Class-A, multifamily community constructed in 2019 and located in Morgantown, West Virginia. The Property is situated within the University Town Centre which is Morgantown’s premier mixed-use shopping destination with over 500,000 square feet of retail shops, a 110,000 s.f. WVU Medicine University Town Centre medical center, two hotels, several auto dealerships, restaurants and other uses. The Property is located within a 10-minute drive to the University of West Virginia and WVU Medical Center which are the main employment centers for the Morgantown area.
The acquisition of Black Bear Apartments offers Merion investors an opportunity to acquire a recently constructed, stabilized, class-A asset with an assumable, well below market 3.39% fixed interest rate, Freddie Mac mortgage with over five years of remaining term. Although the asset was delivered and leased up in 2019, there are areas that need attention to further elevate the property. Merion has underwritten a robust budgeted to fund certain immediate capital improvements that are mostly cosmetic and value-add in nature that will maintain the current luxury feel of the community. The community sits atop the highest point within University Town Centre providing tremendous views for the many of the apartments. Black Bear also offers an unrivaled amenity package that further elevates Black Bear to its peers and a recent name change to the Heights at Black Bear Village should help better market the asset and announce new ownership and management.
