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.