TSB Realty closes sale of Canopy Apartments

PAOLI, PA — TSB Realty, LLC completed the sale of Canopy Apartments, a 240-unit, 770-bed student housing community near the University of Florida in Gainesville, to an affiliate of Alden Street Capital Management.

“We’re proud to continue working with Alden Street as they expand their student housing portfolio throughout the country,” said Randall L. Calvert, who handled the project for TSB Realty. “A Tier 1 SEC marketplace asset like Canopy Apartments proved to be a perfect fit.”

Alden Street Capital Management is a New York-based real estate investment company targeting investments across the U.S. in value-add and opportunistic projects requiring capital and asset level expertise, and developable land sites geared toward student housing. Since inception in 2015, in conjunction with its partners, Alden Street has acquired 11 student housing assets amounting to more than $225 million of real estate value and 4,000 beds.

Canopy Apartments was constructed in 2009 and features a mix of two-, three- and four-bedroom floor plans. Situated on 16 acres, the property is located approximately one mile from the University of Florida campus. Property amenities include a lagoon-style pool, indoor basketball court, virtual golf course, and fully furnished units with gourmet kitchens, granite countertops and stainless steel appliances.

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 Paoli, Pennsylvania-based firm has closed more than $1.25 billion in student housing sales comprising over 4,000 units and 13,000 beds.

Canopy Apartments marks TSB Realty’s third student housing sale to an affiliate of Alden Street.