ALISO VIEJO, Calif. – Nelson Brothers Professional Real Estate has recently purchased Mountain Valley Apartments, a Class ‘A’ student housing property near West Virginia University, for $39 million.
Mountain Valley Apartments is a 344-unit, pet-friendly student housing property that consists of 14 predominantly four-story apartment buildings. The property was built in 1998 has averaged over 97 percent occupancy for the past three years. It is Nelson Brothers’ first property in Appalachia, and expands the company’s student housing portfolio to 35 properties in 12 states.
“We love this property,” said Nelson Brothers co-founder and principal Brian Nelson. “It has a great track record in a terrific market. Really, it’s the positioning. I think it’s a rare find for a property to boast such comprehensive amenities and spacing with such a compelling unit mix of 1, 2 and 3 bedrooms. We feel that attracts a high-quality student tenant. Right away, Mountain Valley will have one of the highest retention rates in our entire portfolio.”
With its latest acquisition, Nelson Brothers so far this year has completed deals on seven properties with a combined value of $98 million. In 2016, Nelson Brothers closed on 10 properties, with $136 million in acquisitions. Overall, Nelson Brothers has grown the value of its portfolio more than 200 percent in the past two years.
“This is an incredibly exciting time at Nelson Brothers,” CEO Patrick Nelson said. “We’ve been continuing to expand and diversify our portfolio to provide more students with the best possible off-campus experience, and to provide more opportunity for our investors.”
Mountain Valley’s amenities include a 24-hour fitness center, a resort-style swimming pool, a full-size gym, a volleyball court, an off-leash dog park, a cyber cafe, a game room/media lounge and an outdoor picnic and grilling area.
All the units are air-conditioned and include a private bath for every bedroom, spacious walk-in closets and a private patio or balcony. They also are equipped with refrigerators, dishwashers, garbage disposals and microwaves.
Mountain Valley has also recently been certified under the Green Building Initiative, a nationally recognized green-building certification program, for its sustainability features and practices. Mountain Valley received Green Globes for its apartments, its clubhouse and its gym.
West Virginia University enrolls more than 29,000 students, with more than 75 percent of them living in off-campus housing. The university was founded in 1867 and is responsible for 53 percent of the state’s college graduates.