Nelson Partners Student Housing, an investment firm that specializes in Delaware statutory trust offerings, has purchased The Fairway, a 167-unit and 298-bed student housing property located near Purdue University. The purchase price was not disclosed.
The property is currently 98.2 percent occupied with a rental rate growth of nearly five percent over the prior academic year. The property’s performance is driven by its unique positioning as a value cost provider with its location less than one mile from the Purdue campus.
“With its compelling location and economic value to students, the post renovation complex would be a top value in the market of a top value university in America,” said Pat Nelson, president and CEO of Nelson Partners.
Nelson Partners was launched by Patrick Nelson, the former president and chief executive officer of Nelson Brothers group of companies, after parting ways with his brother to pursue other business ventures. Nelson Partners currently manages more than 20 student housing properties valued in excess of $365 million.