Home Alts News Versity Reports 86.5% Total Return with TIC Student Housing Property Sale

Versity Reports 86.5% Total Return with TIC Student Housing Property Sale

Versity Invest LLC, a real estate investment firm specializing in student housing and conventional multifamily housing, has sold The Commons at Sawmill.

Versity Invest LLC, a real estate investment firm specializing in student housing and conventional multifamily housing, has sold The Commons at Sawmill, a 194-unit property located half a mile from Northern Arizona University in Flagstaff, Arizona.

According to the company, The Commons at Sawmill was purchased in August 2016 as a tenant-in-common syndication for roughly $43.7 million. It was sold in May 2022 for $61.3 million, generating an 86.5 percent total return for investors.

“We’re very proud of what we were able to accomplish with the Commons at Sawmill. We created a strategy early on and were fortunate enough to implement that strategy by overcoming a variety of hurdles along the way. Ultimately, it proves once again that a strategic value-add plan has the potential to be very effective in student housing, in the right hands of the operator,” said Blake Wettengel, chief executive officer.

The Commons at Sawmill is located at 901 South O’Leary Street includes 194 units with 392 beds.

Versity Invest, a real estate investment firm formerly known as NB Private Capital, specializes in the acquisition, financing, management, and ownership of real estate investments in student housing, multifamily and niche specialty categories. Versity and its subsidiaries currently manages more than $1.6 billion in real estate.

For more Versity news, please visit their directory page.

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