Nelson Brothers Acquires 184-Bed Community Near Washington State University

The College Crest Apartments complex is located near Washington State University in Pullman. The College Crest Apartments complex is located near Washington State University in Pullman.

Pullman, Wash. — Nelson Brothers Professional Real Estate LLC has acquired College Crest Apartments, a 184-bed student housing community located near Washington State University in Pullman.

The garden-style community offers two-, three- and four-bedroom units. Highland Realty Capital Inc. served as the broker for the transaction. Calmwater Capital provided $7.6 million in senior debt for the acquisition of the property and for renovations, to include unit upgrades and the conversion of 39 three-bedroom units into four-bedroom units. The credit facility comprises an approximately $5.6 million senior secured term loan and a more than $2 million delayed draw term loan for capital expenditures.

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