PAOLI, PA - TSB Realty, LLC successfully completed the sale of Copper Beech at Ames and The Grove at Ames, two student housing communities located near the Iowa State University campus in Ames, Iowa. The two properties offer a combined 437 units and 1,244 beds. Coastal Ridge Real Estate purchased the assets from an undisclosed seller.
In addition to TSB Realty brokering the sales, TSB Capital Advisors secured the acquisition financing for the buyer via Old National Bank.
“These are two pedestrian Power 4 properties with real value-add potential, and Ames has proven to have healthy long-term market fundamentals,” said Stephen Hovanec with TSB Capital Advisors. “We’re proud to continue our long-standing relationship with Coastal Ridge and to help add these two properties to their latest investment vehicle.”
Delivered in 2014, Copper Beech features 221 units and 660 beds in a mix of one- to four-bedroom floor plans. Units include walk-in closets, a half-bath on the main floor, and a washer and dryer. Community amenities are highlighted by a resort-style pool, game room, state-of-the-art fitness center, clubhouse, basketball court and community lounge.
The Grove, which was delivered in 2011, is located adjacent to Copper Beech and offers 216 units and 584 beds in a mix of two- and three-bedroom floor plans. Units feature private bedrooms and bathrooms, walk-in closets, and a washer and dryer, while community amenities include a state-of-the-art 24-hour fitness center, community clubhouse, game room, basketball court, coffee bistro, indoor tanning and business center.
Both Copper Beech and The Grove are located within a short walk to Iowa State University’s Southeast Recreation Complex and Jack Trice Stadium.
“This acquisition embodies the key attributes we consistently seek for value-add business plan execution—a compelling basis, and a competitive position in a durable market that allows us to unlock additional value,” said Rick Travis, Director of Student Housing Investments at Coastal Ridge.
Coastal Ridge is a vertically integrated real estate investment firm exclusively focused on for-rent residential strategies 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 41,000 units and student housing beds under management, with over $6.1 billion of managed assets.
Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the sixth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States.
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 $10 billion in student housing sales for a diverse client base, encompassing more than 100,000 beds from tier 1 markets to tertiary markets.
TSB Capital Advisors is the national leader in student housing and multifamily real estate advisory services, with offices in Phoenix, Arizona (headquarters), Dallas, Texas, and Paoli. Since its creation in 2009, TSB Capital Advisors has helped close over 500 deals and more than $70 billion in student housing and multifamily transactions.