ALISO VIEJO, CA - NB Private Capital, the new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate, has closed on The Element, a student housing property near Sacramento State University. The property, built in 2003 and renovated in 2016, was offered as a Delaware Statutory Trust and eligible for 1031 investors. The property was 100 percent occupied upon syndication with 12-month leases. The initial total offering price was $91,800,350, of which approximately $38.5 million came from investor equity.
The property has 216 units and 792 beds with a mix of one, two, three and four-bedroom floor plans. As part of its renovation, The Element features stainless-steel appliances, common area furniture, window treatments and additional amenities like a resort-style pool, high-tech fitness center, study lounge, tanning bed, covered half-court basketball, lighted sand volleyball court, game room and private campus shuttle.
“2018 has been an incredible year for the NB Private Capital team. 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,” said Founder and President Brian Nelson. “In addition to many of the same people who propelled Nelson Brothers Professional Real Estate to one of Inc. 500’s Top 5 fastest growing real estate firms in the country, we have been adding to our teams. Our primary focus continues to be performance, communication and relationships.”
As it relates to The Element, Nelson added “Finding and buying quality real estate has always been at the core of our model and The Element is no exception. The city of Sacramento is growing and has led the nation in rental growth rates over the last couple of years. The same is true for Sacramento State University, which has been setting enrollment records year-after-year. To be able to buy a class-A property in this market, with best-in-market amenities, is a real win for us.”