Davis, Calif., Feb. 26, 2020 – CBRE announces the sale of Sol at West Village, a 2,289-bed, 663-unit luxury student housing community in Davis, California. The sale signifies the largest single-asset transaction in the student housing sector to date, surpassing the $235 million University View transaction sold in 2018. CBRE National Student Housing and CBRE Sacramento Multifamily represented an undisclosed seller.
CBRE’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer with the student housing team represented the seller in partnership with CBRE’s Marc Ross in Sacramento.
“Our team is thrilled to successfully represent this momentous transaction. Sol at West Village received incredible global investor interest, driving pricing to record-breaking levels,” said Ms. Fitts, Executive Vice President at CBRE. “Additionally, the eco-friendly components of the community, including solar panels throughout the community, architecture features that optimize solar orientation, and recycled building materials, were an additional attraction for investors who have increasing focus on environmental, social, and governance investing.”
Sol at West Village is located at 1580 Jade Street in Davis, California. The property is comprised of 51 three-story buildings on UC Davis’ campus, offering residents convenient access to the university and the surrounding Davis community, including on-site connections to bike and pedestrian paths. Sol at West Village is centered around the Village Square and 20,000 square feet of state-of-the-art resident amenity space, which includes a high-tech study center, a large fitness center, a yoga studio, a media room, and a gaming area. All units feature quartz countertops, stainless steel appliances, bamboo flooring and custom kitchen islands in most units.
“The irreplaceable on-campus location, unparalleled amenity base, and persistent growing enrollment at UC Davis consistently drive Sol at West Village’s incredible performance. The property averaged more than 98% occupancy over the last three years, while simultaneously increasing its bed count to allow for additional student residency in the severely undersupplied Davis housing market,” said Mr. Vonderfecht, Senior Vice President at CBRE. “These fundamentals position Sol at West Village to provide strong long-term returns for the buyer.”
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
