TSB Capital Advisors Consults on Sale of Student Housing Complex in Fort Collins
SCOTTSDALE, AZ— TSB Capital Advisors announced today the completed 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.
TSB Capital Advisors 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,” said Timothy S. Bradley, founder of TSB Capital Advisors.
TSB Realty, an affiliated company, handled the sale.
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 specializes in real estate finance and full-service consulting with a specialty in the student housing sector. Since its creation in 2010, the firm has consulted on more than $8 billion in closed transactions, resulting in nearly 110,000 beds on and off campus at over 150 locations nationwide.