Sol at West Village. Thelargest single-asset transaction in the student housing sector todate is Sol at West Village.

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DAVIS, CA—Recently sold Sol at West Village, a 2,289-bed663-unit luxury student housing community, represents the largestsingle-asset transaction in the student housing sector to date. Atnearly $293 million, it surpasses the $235 million University Viewtransaction sold in 2018. The joint venture owners are LandmarkPartners and Ocean West Capital Advisors.

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CBRE national student housing and CBRE Sacramento multifamilyrepresented the undisclosed seller. CBRE's Jaclyn Fitts, WilliamVonderfecht and Casey Schaefer with the student housing teamrepresented the seller in partnership with CBRE's Marc Ross inSacramento.

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"Sol at West Village received incredible global investorinterest, driving pricing to record-breaking levels," said Fitts,executive vice president. "Additionally, the eco-friendlycomponents of the community including solar panels throughout thecommunity, architecture features that optimize solar orientationand recycled building materials were an additional attraction forinvestors who have increasing focus on environmental, social andgovernance investing."

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Sol at West Village was built on the grounds of UCDavis at 1580 Jade St. in three phases between 2011 and2013. The property is comprised of 51 three-storybuildings on UC Davis' campus, offering residents access to theuniversity and the surrounding Davis community, including on-siteconnections to bike and pedestrian paths.

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"The irreplaceable on-campus location, unparalleled amenity baseand persistent growing enrollment at UC Davis consistently driveSol at West Village's incredible performance. The property averagedmore than 98% occupancy over the last three years, whilesimultaneously increasing its bed count to allow for additionalstudent residency in the severely undersupplied Davis housingmarket," said Vonderfecht, senior vice president. "Thesefundamentals position Sol at West Village to provide stronglong-term returns for the buyer."

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Sol at West Village is centered around the Village Square and20,000 square feet of resident amenity space which includes ahigh-tech study center, a large fitness center, a yoga studio, amedia room and a gaming area. Most units feature quartzcountertops, stainless steel appliances, bamboo flooring and customkitchen islands.

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"Sol at West Village is unique for many reasons. The property issituated on University of California, Davis land and housesintegral UC Davis research facilities in its Village Square,allowing for excellent interconnectivity between students, facultyand staff," Vonderfecht tells GlobeSt.com. "The property featuresunparalleled amenities including a 15,000-square-foot communitycenter and 5,000 square feet of high-tech study areas. Theaspirational net-zero design of the property allows for anenvironmentally friendly investment and housing option.Additionally, new ownership has the opportunity to add additionalbed spaces as a means to drive revenue while alleviating thehousing shortage in Davis."

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Vonderfecht says Davis is a desirable student housing market dueto the university's highly regarded academic offerings and lack ofhousing.

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"UC Davis is sought after by the student housing investmentcommunity for its globally renowned academics and persistentenrollment growth. Enrollment at the university has grown by 21%since 2010," he tells GlobeSt.com. "Moreover, Davis is anincredibly supply-constrained market. According to UC Davis' 2019vacancy survey of 9,007 apartment units, there is only 1% vacancyin the market."

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The property is also the nation's largest aspirational zero netenergy community in the United States, combining energy-efficienttechnology with on-site energy production via rooftop and verticalsolar panel installations. The 4.1-megawatt photovoltaic systemincludes more than 33,000 solar panels property-wide and is capableof producing 100% of the property's annual energy usage.

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Walker & Dunlop Inc. structured $292.69 million in financingfor Sol at West Village. Walker & Dunlop senior managingdirector Will Baker, senior director William Shell and associatedirector Doug McDaniel provided the debt, in collaboration with TimBradley of TSB Capital Advisors. The team's experience with FannieMae loan programs was used to secure competitive acquisitionfinancing on behalf of the JV owners.

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Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.