TSB Realty, LLC successfully completed the sale of Campus Court, a 238-unit, 398-bed student housing property located near the University of Kentucky in Lexington, Kentucky. Coastal Ridge Real Estate purchased the property from an undisclosed seller. Campus Court is the fourth asset acquired by Coastal Ridge Value-Add Student Housing Fund, LP, the firm’s inaugural institutional commingled fund.
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Campus Court is a 398-bed student housing community serving the University of Kentucky in Lexington, Kentucky.
In addition to TSB Realty brokering the sale, TSB Capital Advisors arranged the acquisition financing through J.P. Morgan’s Real Estate Banking, which provides customized financing and payments solutions to the top tier of commercial real estate owners, developers, investors, operating companies, investment funds and trusts.
“Campus Court is another outstanding addition to Coastal Ridge’s portfolio—a strategically located property with significant upside, serving a highly desirable SEC school with record-breaking enrollment,” said Tyler Martin with TSB. “It was a pleasure for TSB Realty and TSB Capital Advisors to work with Coastal Ridge and J.P. Morgan to get this deal done.”
Originally constructed in 1988 and updated with additional townhome-style units in 2008, Campus Court offers a mix of one- through three-bedroom floor plans located about a half-mile from the University of Kentucky campus. The units feature stainless-steel appliances, in-unit washer and dryer, hardwood-style flooring and keyless entry. The community amenities include a resort-style pool and lounge deck, fitness center, basketball court, dog park, tanning beds, private study rooms, barbecue and picnic area, and a TV lounge and game room. The property is currently 99% occupied.
“The acquisition of Campus Court aligns with our core focus of acquiring properties at flagship state universities with growing enrollment, at an attractive basis with compelling market positioning,” said Rick Travis with Coastal Ridge. “We are excited to add the University of Kentucky and another SEC school to our Fund’s portfolio.”
Coastal Ridge is a vertically integrated real estate investment firm exclusively focused on student housing and multifamily across the United States. Founded in 2013, Coastal Ridge is headquartered in Columbus, Ohio, with offices in California and Florida as well as multi-disciplined employees in all regions of the country. The firm’s portfolio consists of over 45,000 units and student housing beds under management, with over $6.0 billion of managed assets.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. Since inception in 2014, the Paoli, Pennsylvania-based firm has closed over $11 billion in student housing sales for a diverse client base, encompassing more than 120,000 beds from tier 1 markets to tertiary markets.
TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, and has offices in Phoenix, Arizona (headquarters), Paoli, Pennsylvania, and Dallas, Texas. Since its creation in 2009, TSB Capital Advisors has helped close over 550 deals and more than $80 billion in student housing and multifamily transactions.
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