Sacramento, Calif. — NB Private Capital has acquired The Element, a 792-bed student housing community located near Sacramento State University in California.
The property was offered as a Delaware Statutory Trust and eligible for 1031 investors. The initial total offering price was $91.8 million, of which approximately $38.5 million came from investor equity. The fully occupied community offers one-, two- , three- and four-bedroom units. Shared amenities include a resort-style swimming pool, fitness center, study lounge, tanning bed, basketball and sand volleyball courts, a game room with billiards and a private shuttle to campus. NB Private Capital is a new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate.