BELLINGHAM, WA (MyBellinghamNow.com) – A popular off-campus housing development for Western Washington University students is getting a new owner.

A sale went through in December that will move Elevate, a student housing complex in Bellingham, from one set of hands to another.

Virtú Investments, a property investment company based in Southern California, has bought the 133-unit apartment complex located just a few blocks from Western.

The purchase comes as seller NB Gathering faces an uncertain future, after multiple investors push forward lawsuits against the property management company.

According to the New York Times, NB Gathering owner Patrick Nelson owes $115 million to investors as of March of 2024.

In a statement, Virtú Investments touts the acquisition as a point where the company can grow their financial market in Bellingham and the greater Pacific Northwest.

Elevate on North Forest Street is currently full and looks to rent units in the new rental cycle at $1,400 a month for a studio, or $1,200 for a bed in an apartment.