TSB Realty closes sale of Radius @ 15th, student housing property near University of Minnesota
PAOLI, PA — TSB Realty, LLC completed the sale of Radius @ 15th, a 200-unit, 772-bed student housing community located near the University of Minnesota in Minneapolis. A venture between Timberline Real Estate Ventures and Heitman LLC purchased the property, on behalf of a Heitman affiliate, from University Student Living and North Bay Companies. The property is master-leased to the University of Minnesota.
“Radius @ 15th provides residents top-of-the-market community and in-unit amenities,” said Austin L. Repetto, one of the principals of TSB Realty, “and the property is located across the street from the on-campus University of Minnesota athletic facilities. These made it an ideal candidate for Timberline and Heitman.”
Timberline Real Estate Ventures is an operationally focused real estate investment management and advisory firm with deep roots across numerous real estate sectors. Its student housing expertise crosses many disciplines including investment, development, legal, debt finance, construction, strategic planning and capital markets. Heitman is a global real estate investment management firm with approximately $42 billion in assets under management. Heitman’s real estate investment strategies include direct investments in the equity or debt capitalization of a property or in the securities of listed and publicly traded real estate companies. Radius @ 15th will be managed by Pinnacle Campus Living.
University Student Living (USL) is the privately owned student housing company of The Michaels Organization. The USL team has completed the acquisition, development and operations of more than $3 billion in student housing projects nationwide. North Bay Companies is a full-service real estate firm that excels in acquiring, developing and managing the best residential and commercial properties across the Twin Cities.
Built in 2015 and master-leased to the University of Minnesota since 2017, Radius @ 15th is an amenity-rich student housing community located in Minneapolis’s popular Dinkytown neighborhood. Surrounded by popular nightlife and retail, the property features a clubhouse, fitness center, community center, study rooms on every floor, hot tub, fire pits, barbecue grills, tanning and an underground parking garage. Units are fully furnished and include a washer and dryer, stainless steel appliances, flat-screen TV and private balconies or patios in select units.
“Radius @ 15th represents the TSB Realty ideal of ‘redefining relationships’ by working with clients to meet both their immediate and long-term financial goals,” said Repetto. “When the property was initially built, the firm’s affiliate company, TSB Capital Advisors, handled the construction financing and JV equity. Now, TSB Realty has handled the property’s successful sale.”
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 $2 billion in student housing sales comprising over 9,000 units and 24,000 beds.