By Jeffrey Steele
Paoli, Penn.-based TSB Realty LLC has completed the sale of The Element, a student housing community situated less than one-half mile from California State University Sacramento. The company sold the 288-unit, 792-bed property on behalf of VerTex Student Housing Partners and Harrison Street Real Estate Capital.
Built in 2003 and renovated in 2016, The Element offers a wide variety of one-, two-, three- and four-bedroom floor plans. The fully furnished residences include stainless steel appliances, private balconies or porches, washers and dryers and ceiling fans.
Amenities include a resort-style swimming pool, updated fitness facility, covered half-court basketball, lighted sand volleyball court and game room.
Highly sought asset
“The Element was a unique opportunity to acquire a purpose-built student housing property in a market with rapid enrollment growth and limited supply,” said Randall L. Calvert, who handled the project for TSB Realty. “The Element’s ideal location, less than a half-mile from campus, combined with strong market fundamentals, made this a highly sought-after asset among the investment community.”
Once the property was purchased in 2016, VerTex and Harrison Street undertook the most recent enhancements to The Element. The deal represented the fourth transaction in the partnership between VerTex, a joint venture between Vermilion Development and Texla Housing Partners, and Chicago-based Harrison Street Estate Capital. Before selling The Element, the partnership had acquired a total of 3,200 student housing beds.
TSB Realty is a national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. The firm has closed more than $2 billion in student housing sales in the last three years, a number encompassing more than 8,000 units and 22,000 beds.