TSB Realty Closes Sale of 775-Bed Luxury Student Housing Community Near Arizona State University

PAOLI, PA - TSB Realty, LLC completed the sale of Sterling 920 Terrace, a 260-unit, 775-bed luxury student housing project located near Arizona State University in Tempe, Arizona. Coastal Ridge Real Estate purchased the property in a joint venture with iA Financial Group from The Dinerstein Companies and Harrison Street Real Estate.

TSB Capital Advisors helped arrange the acquisition financing for Coastal Ridge Real Estate and iAFG.

“Sterling 920 Terrace provided Coastal Ridge and iAFG a core asset adjacent to one of the largest college campuses in the country and one that's 100% occupied for this academic year,” said Randall L. Calvert of TSB Realty. “We're particularly proud of this deal because it represents the TSB team’s full-service approach and long-term commitment to our clients. Not only did TSB Capital Advisors consult on the financing and TSB Realty handle the sale, but we were also involved with the original sale of the site for the development of the property."

Sterling 920 Terrace encompasses luxury in all facets. Built to the standards of LEED Gold Certification, The Sterling is ideally situated within walking distance to various Arizona State University campus buildings as well as local nightlife, retail and dining. The property also boasts top-of-the-line unit finishes and fixtures, such as granite countertops, energy efficient appliances and a mini-refrigerator in every room. The Sterling’s well-appointed amenity package includes a resort-style pool and spa, multiple fitness centers, outdoor grills and lounges, pet park, multiple fire pits and more.

“Sterling 920 is a perfect representation of the high-quality product that Dinnerstein develops and of the core student housing that we are seeking to acquire in our joint venture with iAFG” said Patrick McBride of Coastal Ridge Real Estate. “The team at TSB were, as always, crucial to our ability to secure and finance this transaction and we look forward to continuing to get many more done together.”

Coastal Ridge Real Estate, based in Columbus, Ohio, and Malibu, California, is a full-service investment management firm focused on the multifamily real estate sector. Coastal Ridge Real Estate currently has $2.0 billion of assets under management, including over 15,000 student housing beds, and is one of the top 15 largest student housing owner-operators.

“After an extensive review of the senior financing sources and structures available, we were excited to arrange a floating rate term loan with Capital One’s balance sheet vehicle that successfully accommodated the Borrower specific financing requirements of Coastal Ridge, iAFG, and the Sterling 920 acquisition.” said Ian S. Bradley of TSB Capital Advisors. “Although no closing is seamless, it was an incredibly efficient and collaborative effort on all sides to close the first of what we hope to be many transactions between Capital One and the Coastal-iAFG joint venture.”

iA Financial Group is one of the largest insurance and wealth management groups in Canada, with operations in the United States. Founded in 1892, it is one of Canada’s largest public companies and is listed on the Toronto Stock Exchange under the ticker symbols IAG (common shares) and IAF (preferred shares).

The Dinerstein Companies developed Sterling 920 Terrace with equity partner Harrison Street Real Estate, and delivered the property in Fall 2018. Founded in 1955, The Dinerstein Companies is a family owned, fully integrated real estate company that has developed more than 59,000 multifamily apartments and 44,000 off-campus student housing beds. Harrison Street Real Estate Capital is one of the leading real estate investment management firms exclusively focused on alternative assets. Headquartered in Chicago with an office in London, the firm has approximately $18.3 billion in assets under management.

TSB Capital Advisors is the national leader in student housing real estate advisory services, and has offices in Phoenix, Arizona (headquarters), and Paoli, Pennsylvania. For the last three years, the firm ranked first in student housing financing volume. Since its creation in 2009, TSB Capital Advisors has helped close nearly 300 deals and more than $17 billion in student housing and multifamily transactions. Its affiliate company, TSB Realty, is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities.


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