Nelson Brothers Acquires 184-Bed Student Housing
- Jul 28, 2017
Calmwater Capital, a national direct real estate lender, provided $7.6 million in senior debt for the acquisition of College Crest Apartments, a 184-bed property located in Pullman, Wash. Nelson Brothers Professional Real Estate purchased the asset and plans to upgrade the community. Highland Realty Capital Inc. served as the broker for the transaction.
“Student demands are constantly changing. Often, we see a lot of markets where supply has not kept up with the preferences of the new generation,” Brian Nelson, principal of Nelson Brothers Professional Real Estate, said in a statement. “We believe there’s a tremendous opportunity in the Pullman market to take a stabilized asset like College Crest and add to the student experience by modernizing unit interiors, upgrading the amenity set and helping build a sense of community.”
Proximity to transportation
Located at 1555 NE Merman Drive, College Crest is a short distance from the WSU Campus and Schweitzer Engineering with access to multiple Pullman Transit bus routes, including an Express route to the Washington State University Campus. The garden-style community features 65,326 square feet of rentable space. The three-story property offers two-, three- and four-bedroom units and includes amenities such as:
- a sauna
- an online payment system
- a clubhouse
- an indoor heated pool
Built in 1970, the pet-friendly community has a history of more than 90 percent occupancy rates. Nelson Brothers plans to convert 39 three-bedroom units to four-bedroom units. The company has more than $500 million in total acquisitions to date and an approximately 5,500-bed student housing portfolio.
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