Brickstone Partners, a full-service real estate investment and development firm located in Nashville, Tenn., today announced the refinance and recapitalization of two multifamily assets valued at more than $180 million. 

The properties were extensively renovated after their purchase in 2014 and 2015, producing a significant increase in revenue and asset value. Both assets were underleveraged. This transaction allowed Brickstone to memorialize to date a 47.33% IRR and a 6.97x multiple and 26.62% IRR and 4.36x multiple on the second property. 

“These highly successful investments continue to reaffirm the effectiveness of our core investment strategy, which is to invest in highly constrained markets with a unique focus on creative value-add strategies that create an asymmetry of risk and reward,” said Daniel Otis, founder and principal of Brickstone Partners. “We’re pleased that we were able to add significant value to the City of Boulder, its residents and our investment community through the improvement of these two assets.”

Brickstone Partners is one of the largest operators of student housing in Boulder, Colo. The firm has invested more than $500 million in the city in the last 14 years.