Nelson Partners Student Housing, a new investment firm that specializes in Delaware statutory trust offerings, has purchased The Gathering, a 113-unit and 417-bed student housing property located two blocks from Western Washington University near downtown Bellingham. The purchase price was not disclosed.
Construction at The Gathering was completed in the summer of 2017 and the property opened for the 2017/18 academic year with 100 percent occupancy. The property was fully pre-leased by April for the 2018/19 school year and will be managed by Nelson Partners Property Management.
“This Class A student housing property can make an ideal part of a 1031 exit strategy,” said Sanford Simmons, director of national sales. “Nelson Partners believes that the key to maintaining investment objectives is the irreplaceable location, continued enrollment growth at Western Washington University, and the opportunity for rental rate growth.”
Property amenities include a 24-hour fitness center, community lounge with billiards table, video game room, study lounge with group and private study areas, computer lab, and rooftop terrace with views of the mountains and Bellingham Bay.
Nelson Partners Student Housing recently hired a number of sales professionals to assist with distribution through the broker-dealer community, as reported by The DI Wire.
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.