Coastal Ridge Real Estate purchased Sterling 920 Terrace, a 260-unit, 775-bed luxury student housing project near Arizona Statement University, in a joint venture with Canada’s iA Financial Group. The sellers were Houston-based The Dinerstein Companies and Chicago-based Harrison Street Real Estate.
Coastal Ridge Real Estate, based in Columbus and Malibu, California, is a full-service investment management firm focused on the multifamily real estate sector. Coastal Ridge Real Estate has $2 billion of assets under management, including over 15,000 student housing beds, and is one of the top 15 largest student housing owner-operators.
“Sterling 920 is a perfect representation of the high-quality product that Dinnerstein develops and of the core student housing that we are seeking to acquire in our joint venture with iAFG” said Patrick McBride of Coastal Ridge Real Estate.
TSB Capital Advisors helped arrange the acquisition financing, a floating rate term loan with Capital One’s balance sheeter vehicle, for Coastal Ridge Real Estate and iAFG.
iAFG is one of the largest insurance and wealth management groups in Canada, with operations in the United States.
Dinerstein developed Sterling 920 Terrace with equity partner Harrison and delivered the property in fall 2018. Dinerstein is a family owned, fully integrated real estate company that has developed more than 59,000 multifamily apartments and 44,000 off-campus student housing beds. Harrison focuses exclusively on alternative assets. Headquartered in Chicago with an office in London, the firm has approximately $18.3 billion in assets under management.