"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 Vonderfecht, senior vice president. "These fundamentals position Sol at West Village to provide strong long-term returns for the buyer."

Sol at West Village is centered around the Village Square and 20,000 square feet of resident amenity space which includes a high-tech study center, a large fitness center, a yoga studio, a media room and a gaming area. Most units feature quartz countertops, stainless steel appliances, bamboo flooring and custom kitchen islands.

"Sol at West Village is unique for many reasons. The property is situated on University of California, Davis land and houses integral UC Davis research facilities in its Village Square, allowing for excellent interconnectivity between students, faculty and staff," Vonderfecht tells GlobeSt.com. "The property features unparalleled amenities including a 15,000-square-foot community center and 5,000 square feet of high-tech study areas. The aspirational net-zero design of the property allows for an environmentally friendly investment and housing option. Additionally, new ownership has the opportunity to add additional bed spaces as a means to drive revenue while alleviating the housing shortage in Davis."

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

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

The property is also the nation's largest aspirational zero net energy community in the United States, combining energy-efficient technology with on-site energy production via rooftop and vertical solar panel installations. The 4.1-megawatt photovoltaic system includes more than 33,000 solar panels property-wide and is capable of producing 100% of the property's annual energy usage.

Walker & Dunlop Inc. structured $292.69 million in financing for Sol at West Village. Walker & Dunlop senior managing director Will Baker, senior director William Shell and associate director Doug McDaniel provided the debt, in collaboration with Tim Bradley of TSB Capital Advisors. The team's experience with Fannie Mae loan programs was used to secure competitive acquisition financing on behalf of the JV owners.