Vertex-Harrison Street JV Buys Student Housing Project in California
Sacramento, Calif. — VerTex Student Housing Partners, a joint venture of Vermilion Development and TEXLA Housing Partners, has acquired The Element, a 288-unit, 792-bed student housing development near Sacramento State University.
The acquisition is the fourth transaction in partnership with Chicago-based Harrison Street Real Estate Capital.
The Element is located less than one mile from the campus, and was originally constructed in 2004. The garden-style property consists of 18 three-story residential buildings and a clubhouse and leasing office. The partnership will soon implement operational and capital improvements. VerTex Student Housing Management will act as property manager of the asset.
All units are fully furnished with amenities such as full-size washers and dryers, microwaves and dishwashers, and access to Internet and digital satellite. The apartment community contains amenities that include a resort-style swimming pool and hot tub, half-size indoor basketball court, fitness center and sand volleyball court. Additionally, a game room, resident business center, student lounge, private shuttle to CSUS campus and other amenities are available to all residents.
VerTex has now acquired 3,200 beds with Harrison Street Real Estate Capital.
Senior Vice President at TSB Capital Advisors Shawn Sweeney helped arrange the acquisition loan with Capital One.