Nelson Partners Announces Record Sale of Sol y Luna Despite NY Times Attack
Nelson Partners sells top 3 of all-time single student housing asset
SAN CLEMENTE, Calif., April 6, 2023 /PRNewswire/ -- Nelson Partners, LLC announces the exciting $203,000,000 sale of Sol y Luna Apartments, a luxury student apartment community located at 1031 N. Park Ave. and 1020 N. Tyndall Ave. in Tucson, Arizona, to New York Investor, Vesper Holdings. This sale comes on the heels of another sale at Arizona State University that yielded investors more than a 95 percent profit. Nelson Partners is once again setting records, this time with a top three all-time high sale for a single asset in the student housing industry. Despite having initially closed on the project on January 3rd, 2020, mere weeks before COVID-19 shuttered all major universities across America, the Nelson Partners Property Management team performed at the highest level.
"We purchased Sol y Luna right before the COVID-19 pandemic closed down the country and student housing. We established a comprehensive crisis management team and, as a testament to our team's true dedication and professionalism, were able to keep our students safe, our company surviving, and the property leased up to an all-time high last fall," said Pat Nelson, CEO of Nelson Partners, LLC. "Despite false and misleading attacks by the New York Times, we remain focused on our commitment to investors, employees, and students. Opportunistic reporters fail to mention the ramifications and massive toll that COVID-19 took on universities and student housing, yet Nelson Partners continues to demonstrate that we are a leading vertically integrated acquisition, development, and management company. By strategically investing in exceptional student housing like Sol y Luna, we are transforming premium locations into a success for students, investors, and communities. We are shaping the student housing of the future, where students can live, work, and play in a safe, functional, and luxurious environment … no matter what is thrown our way or the challenges we face."
"Despite false and misleading attacks by the New York Times, we remain focused on our commitment to investors, employees, and students."
Sold for more than $200 million and given the impact of the pandemic, the purchase of Sol y Luna stands out as a testament to the success and resilience of Nelson Partners, LLC. As the post-pandemic demand for student housing continues to increase, Nelson Partners, LLC is strategically expanding their presence in target markets. Through the sale of Sol y Luna, Nelson Partners facilitated a transaction that mitigated the pandemic's effects for the benefit of investors.
"Sol y Luna was an absolute triumph, both for Nelson Partners and the stability of strategic student housing," said Paula Platt, Senior VP of Portfolio for Nelson Partners. "I've been in student housing for more than two decades and have never witnessed anything close to what the COVID-19 pandemic did to our industry, I'm proud to be part of such a great organization that puts people and students first. There were some big bumps in the road to get here, but we all came together and came out on top."
Constructed in 2014, Sol y Luna's magestic high-rise towers stand 13 and 15 stories tall, casting an impressive shadow across the Arizona campus. The property includes 340 total units, 972 total beds, and one-, two-, three-, four-, and five-bedroom apartment homes averaging 1,014 square feet. The property features 7,640 square feet of ground floor retail space.