Nelson Brothers Professional Real Estate, a private real estate investment firm and sponsor of 1031 exchange and private placement programs, purchased a Class A student housing property near West Virginia University for $39 million.
Located in Morgantown, West Virginia, Mountain Valley Apartments is a 344-unit, pet-friendly student housing property that consists of 14 predominantly four-story apartment buildings. The property was built in 1998 has averaged over 97 percent occupancy for the past three years.
“We love this property,” said Nelson Brothers co-founder and principal Brian Nelson. “It has a great track record in a terrific market. Really, it’s the positioning. I think it’s a rare find for a property to boast such comprehensive amenities and spacing with such a compelling unit mix of 1, 2 and 3 bedrooms. We feel that attracts a high-quality student tenant. Right away, Mountain Valley will have one of the highest retention rates in our entire portfolio.”
Mountain Valley’s amenities include a 24-hour fitness center, swimming pool, full-size gym, volleyball court, cyber cafe, game room/media lounge, an outdoor picnic and grilling area, and an off-leash dog park.
The property was recently certified under the Green Building Initiative, a green-building certification program, for its sustainability features and practices.
Nelson Brothers Professional Real Estate LLC specializes in the acquisition, financing and ownership of student housing real estate investments and offers individual investors direct ownership interests in institutional quality, professionally managed real estate. The Aliso Viejo-based company oversees a $550 million portfolio of 35 student housing properties located in 12 states.