PAOLI, PA - TSB Realty, LLC successfully completed the sale of SoCam 290, a 233-unit, 627-bed, 12-story student housing high-rise located near the Rutgers University campus in New Brunswick, New Jersey. Alden Street Capital purchased the property from an undisclosed seller.
In addition to TSB Realty brokering the sale, TSB Capital Advisors arranged the debt for the acquisition.
“SoCam 290 is a uniquely positioned asset as one of the few purpose-built student housing properties in this Power 4 market,” said Randall Calvert with TSB Realty. “The occupancy has been 100% the past few years and rent growth continues to increase, and yet there remain further opportunities to maximize the property. That potential is something Alden Street realized, so we were eager to work with them to get this deal done.”
Delivered in 2005, SoCam 290 offers a mix of studio to three-bedroom floor plans and is located within walking distance of major Rutgers University campus hubs. Community amenities include a club room, gaming and media lounges, a 24-hour fitness center, business center with printing services, and a 24-hour coffee bar. Recent renovations to most units feature the installation of stainless-steel appliances, the addition of washers and dryers, and hardwood-style flooring.
The property is currently 100% leased.
Alden Street Capital is a boutique New York-based student accommodation investment and asset management company. Alden acquires properties at major colleges and universities in the U.S. and invests in improving both the physical and social management of the buildings. Founded in 2015, Alden Street Capital, in conjunction with its partners, has invested in more than 14,000 student housing beds across 26 properties representing approximately $1.5 billion in value.
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.