Aliso Viejo, Calif. — Southern California-based Nelson Brothers Professional Real Estate, LLC has officially closed on The Alpine Apartments, an older Class “D” student housing property with what Nelson Brothers believes to be a phenomenal location less than a block from the BYU Campus. Alpine combines two apartment buildings and an old home that were built in 1965 and 1989 which comprise 28 units in total.
The property is located on the south east corner of the BYU campus. Total enrollment at BYU is 34,409 with a 2012 Endowment of $956,009,708 and the alma mater of both Patrick and Brian Nelson.
Brian, co-founder of Nelson Brothers added, “We feel this is one of the best locations in the market. Given the historical stability and economic strength of the university coupled with this strong of a location and a fairly affluent student body, we think there’s an opportunity for tremendous upside through strategic, contemporary renovations.”
The Alpine Apartments property was purchased for $3,729,500 as a Tenant-in-Common (TIC) structure.
Alpine consists of 67 rooms, 115 beds and 28 total units. Nelson Brothers’ plan is to significantly renovate and upgrade the property’s interior with the goal of preserving high occupancy, raising rents and appreciating property value.
Nelson Brothers Professional Real Estate was launched in 2007 offering individual investor direct ownership interests in institutional quality, professionally managed real estate.
Nelson Brothers specializes in the acquisition, financing and ownership of real estate investments in the niche areas of student housing and assisted living investments. Nelson Brothers currently manages over $100 million in multi-family housing real estate.