TSB Realty closes sale of The Element
PAOLI, PA — TSB Realty, LLC completed the sale of The Element, a 288-unit, 792-bed student housing community near California State University, Sacramento on behalf of VerTex Student Housing Partners and Harrison Street Real Estate Capital.
“The Element was a unique opportunity to acquire a purpose-built student housing property in a market with rapid enrollment growth and limited supply,” said Randall L. Calvert, who handled the project for TSB Realty. “The Element’s ideal location, less than a half-mile from campus, combined with strong market fundamentals made this a highly sought after asset among the investment community.”
The Element is located less than a half-mile from California State University, Sacramento and features a diverse mix of one-, two-, three-, and four-bedroom floor plans. Originally constructed in 2003 and renovated in 2016, the property offers a resort-style swimming pool, updated fitness facility, covered half-court basketball, lighted sand volleyball court and game room. Fully furnished units include stainless steel appliances, private balcony or porch, washer and dryer, and ceiling fans.
VerTex and Harrison Street performed the most recent improvements at The Element after purchasing the property in 2016. The Element marked the fourth transaction in the partnership between VerTex, a joint venture between Vermilion Development and Texla Housing Partners, and Chicago-based Harrison Street Real Estate Capital. Before selling The Element, the partnership had acquired 3,200 beds.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. In the last three years, the Paoli, Pennsylvania-based firm has closed more than $2 billion in student housing sales comprising over 8,000 units and 22,000 beds.