ALISO VIEJO, Calif. & OREM, Utah–(BUSINESS WIRE)–NB Private Capital, a Southern California-based real estate investment firm, has sold a 6.1 acre parcel of land known as University Downs in Orem, Utah near Utah Valley University (UVU) for $10.5 million. The company purchased the property in October 2015 for $5.5 million with the intent to capitalize on UVU’s rapidly expanding enrollment. Utah Valley University is the largest public university in the state of Utah and experienced 7.1 percent enrollment growth over the last fall semester, according to the UVU website.
“This sale highlights our core strengths as specialists in student housing,” said Blake Wettengel, NB Private Capital CEO. “Investment capital has been chasing Tier 1 schools for the last couple of years while we have been focusing on Tier 2 and 3 markets. The very same macro-economic drivers that made the big name schools the targets last year will potentially exist in markets like Orem next year and the years beyond. We believe our investors may continue to benefit from this trend as we execute our targeted objectives ahead of the coming swell of institutional and international attention.”
University Downs’ development site is located across from UVU directly off the Interstate 15 freeway and the Orem Frontrunner Commuter rail. The land will likely be the future site of one of the most densely populated housing developments in Utah.
“University Downs ticked all the boxes: a fast-growing school, affordable education and campus adjacent,” said NB Private Capital President Brian Nelson. “With rampant growth in construction costs in Utah County and several new projects coming online, we felt the most potentially beneficial play to target maximizing our investors’ return, while mitigating risk, was to sell the property while the market is flourishing.”
For more information about NB Private Capital, LLC, visit www.nbprivatecapital.com.