NB Private Capital Acquires Student Housing Property Near Sacramento State University for $38.5M
SACRAMENTO, CALIF. — NB Private Capital has purchased The Element, a student housing community located at 6730 Fourth Ave. in Sacramento, from an undisclosed seller. The property was offered as a Delaware Statutory Trust and eligible for 1031 investors, and was 100 percent occupied upon syndication with 12-month leases. The initial total offering price was $91.8 million, of which approximately $38.5 million came from investor equity.
Serving students at Sacramento State University, The Element features 216 units, totaling 792 beds, in a mix of one-, two-, three- and four-bedroom layouts. Built in 2003 and renovated in 2016, the property features stainless-steel appliances, common area furniture and window treatments. Community amenities include a resort-style pool, high-tech fitness center, study lounge, tanning bed, covered basketball half-court, lighted sand volleyball court, game room and private campus shuttle.
NB Private Capital is a new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate.