Nelson Brothers Professional Real Estate purchases Class ‘A’ properties near Purdue for $44 million

Near Purdue

Posted By: Pat Nelson / May 19 2017

Aliso Viejo, CA and West Lafayette, Ind. – May 12, 2017 – Nelson Brothers Professional Real Estate has recently closed on South Street Station and Grant Street Station, a two-property Class ‘A’ student housing portfolio within two blocks of Purdue University in West Lafayette, Ind.

The properties were purchased for $44 million, bringing Nelson Brothers’ total portfolio to more than $500 million under management. The apartments also stand out as one of the 10-year-old family-owned company’s most beautiful properties.

“This acquisition is exceptionally anticipated to be one of our trophy properties to date,” said Brian Nelson, co-owner and chief marketing officer. “It’s one of the closest off-campus properties to the university, at .25 miles compared to the average distance of the other properties at 2.73 miles.

“A resident can just wake up 10 minutes before class, grab a snack and still make it to class on time. Plus, it’s already got 100 percent occupancy for the school year and a great cash flow for our investors.”

Grant Street was built in 2013 and South Street was completed in 2015. The two properties combined have 176 units and 36 beds.

Amenities include a swimming pool, hots tubs, a 24-hour fitness center, a tanning bed, a conference room and gated garage parking. The fully furnished units include a washer and dryer, a 42-inch HD television and hardwood floors.

The deal locked in a rare-in-the industry 10-year fixed interest rate of 3.97% from Prudential, with 5-year interest only.

Purdue University has enrolled a record 40,451 students this school year, including 30,043 undergraduates, and the National Center for Education Statistics projects that student enrollment is expected to grow 13 percent over the next 10 years.

The university’s growing enrollment, combined with the apartments’ Class ‘A’ status and optimal location, has led Nelson Brothers to project that the property can maintain consistent 95 percent to 100 percent occupancy with minimal correlation to the economy.

About Nelson Brothers

Nelson Brothers Professional Real Estate, LLC, offers individual investor direct ownership interests in institutional quality, professionally managed real estate. The company, founded by brothers Patrick Nelson and Brian Nelson, focuses on targeted growth opportunities and value-added investments for its clients through capital improvements, cost efficiency, and revenue maximization. Its entities include Nelson Brothers Professional Real Estate LLC, Nelson Brothers Property Management Inc, and Nelson Brothers Construction Management LLC. Nelson Brothers Professional Real Estate specializes in the acquisition, financing and ownership of real estate investments in the niche areas of student housing and assisted living investments.