Sponsor plans to upgrade property, adding amenities and nearly 40 beds
Pullman, Wash. – July 27, 2017 – (RealEstateRama) — Calmwater Capital, a leading national direct real estate lender, has provided $7.6 million in senior debt to Nelson Brothers Professional Real Estate, LLC to acquire and upgrade a student housing complex near Washington State University. The 184-bed property, known as College Crest Apartments, is located at 1555 NE Merman Drive in Pullman, Washington.
College Crest Apartments is a garden-style student housing community that houses 65,326 square feet of net rentable space. Built in the 1970s, the three-story property comprises a mix of two-, three- and four-bedroom units and has maintained a historical occupancy over 90 percent. The financing provided by Calmwater allows Nelson Brothers to add a leasing office and other amenities to the complex, including a community center and upgraded interiors.
The property’s previous owners renovated six of its units, adding bedrooms with individual access for each. Nelson Brothers plans to continue these upgrades with the acquisition, converting an additional 39 three-bedroom units to four-bedroom units.