The Element at Sacramento State University Changes Hands
- Nov 20, 2018
NB Private Capital, the new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate, has acquired The Element, a 216-unit student housing community in Sacramento, Calif. The total offering price was $91.8 million, of which $38.5 million came from investor equity.
Last year, around the same time, TSB Realty LLC secured the sale of the asset on behalf of VerTex Student Housing Partners and Harrison Street Real Estate Capital. According to Yardi Matrix, Nelson Brothers bought the community for $81.9 million.
Located at 6730 4th Ave., the 792-bed property serves students attending Sacramento State University. Built in 2003, The Element underwent major renovations back in 2016 which included new common-area furniture, stainless steel appliances, window treatments, the addition of a resort-style swimming pool, fitness center, study lounge, tanning bed, covered half-court basketball, lighted sand volleyball court and a game room.
The property is 100 percent occupied and features a mix of one-, two-, three- and four-bedroom units ranging from 478 to 1,329 square feet. According to Yardi Matrix data, the community had an average rental rate of $2,049 as of October. The 18 three-story buildings include common-area amenities such as:
- swimming pool
- fitness center
- business center
- 438 parking spaces
- volleyball and basketball courts
“With the completion of The Element syndication we have raised $64 million year-to-date and $40 million since our re-introduction to the investment world as NBPC,” Founder & President Brian Nelson, said in a prepared statement. “In addition to many of the same people who propelled Nelson Brothers Professional Real Estate to one of Inc. 500’s Top five fastest growing real estate firms in the country, we have been adding to our teams.”
Image courtesy of Yardi Matrix