Sacramento, Calif. — TSB Realty LLC has arranged the sale of The Element, a 792-bed student housing community located near California State University, Sacramento.
The community offers one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a resort-style swimming pool, updated fitness facility, covered basketball half-court, lighted sand volleyball court and game room. TSB represented the seller in the transaction, a joint venture between VerTex Student Housing Partners and Harrison Street Real Estate Capital. Over the joint venture’s hold period, the property underwent interior capital improvements which ultimately led to returns to the partnership of approximately 57 percent. Nelson Brothers acquired the property.