TSB Realty closes sale of Aspen Heights Fort Collins
PAOLI, PA — TSB Realty completed the sale of Aspen Heights Fort Collins, a 220-unit, 712-bed student housing community near Colorado State University, to a joint venture of H. Katz Capital Group and Coastal Ridge Real Estate. Following closing, Coastal Ridge has taken over management of the property and is in the process of re-branding it “The Outpost.”
Katz Capital Group is a private equity office in Southampton, Pennsylvania. 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. The acquisition of Aspen Heights Fort Collins expands the national portfolio for Coastal Ridge to over 10,000 student housing beds.
“There was great amount of interest in this asset due to the outstanding performance of the property and the continued demand by the students for Class A product,” said Randall L. Calvert, who handled the project for TSB Realty.
Aspen Heights Fort Collins features a mix of two-, three-, four- and five-bedroom apartments and cottages. Property amenities include a 24-hour fitness center with yoga studio, resort-style pool, hot tub, outdoor grills, clubhouse, computer lab, full-court sand volleyball, movie theater, study lounge, tanning beds and private shuttle. Units feature open floor plans, large kitchens with energy-efficient appliances, private bathrooms and guest half-baths, first-floor verandas, full-size washers and dryers, and large walk-in closets. The property is located less than two miles from CSU and was nearly 100% occupied at the time of the sale.
Aspen Heights Fort Collins was developed by Aspen Heights Partners, an Austin, Texas-based developer and manager of student housing, conventional market-rate multifamily, and assisted living properties. Since the firm’s founding in 2006, Aspen Heights Partners has developed more than 30 off-campus student housing assets.
TSB Capital Advisors, an affiliated company of TSB Realty, assisted the buyer in procuring a senior loan via Walker Dunlop and Freddie Mac. “Our lending team, Walker Dunlop and Freddie Mac, executed the initial loan application terms in the midst of rising treasury rates, thus allowing the buyer to move forward without a potential price adjustment,” stated Timothy S. Bradley.
TSB Realty is a full service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. In the last two years, the firm has closed more than $1.25 billion in student housing sales comprising over 4,000 units and 13,000 beds.