NB Private Capital LLC, a real estate investment firm formerly known as Nelson Brothers Professional Real Estate, has purchased CP Cincy, a fully-leased student housing property located near the University of Cincinnati, for approximately $30.7 million.
NB CP Cincy DST was offered as a Delaware statutory trust to eligible 1031 exchange investors, and of the total purchase price, approximately $13.2 million came from investor equity.
Built in 2005, the property has 121 units and 440 beds with a mix of two-, three- and four-bedroom floor plans. Located within close proximity to the College Conservatory of Music at the University of Cincinnati, CP Cincy is the only property in the market with a full recording studio and outdoor pool. Additional amenities include a Pilates room, fitness center, stand-up tanning beds, and a gated parking garage.
“CP Cincy builds on our growth in the midwestern region in an exciting city setting, said founder and president Brian Nelson. “Our proximity to both the University of Cincinnati and Xavier University presents a unique opportunity to lease to both student bodies at a time when each school struggles to meet demand for on-campus housing.”
NB Private Capital specializes in the acquisition, financing, and ownership of real estate investments in the niche area of student housing. The company currently manages more $450 million in multifamily housing real estate.