Orem, Utah — NB Private Capital has sold a 6.1-acre land parcel known as University Downs near Utah Valley University in Orem for $10.5 million.
The company purchased the property in October 2015 for $5.5 million. The buyer and plans for the property were undisclosed. “Investment capital has been chasing Tier 1 schools for the last couple of years while we have been focusing on Tier 2 and 3 markets,” says Blake Wettengel, CEO of NB Private Capital. “The very same macro-economic drivers that made the big name schools the targets last year will exist in markets like Orem next year and the years beyond.”