PAOLI, PA — Coastal Ridge Real Estate has acquired Campus Court, a 398-bed student housing property near the University of Kentucky, expanding a value-add investment strategy focused on large public universities with growing enrollment.
The acquisition marks the fourth property added to Coastal Ridge Value-Add Student Housing Fund LP, the firm’s first institutional commingled fund, according to transaction adviser TSB Realty. The financial terms of the sale were not disclosed.
Campus Court consists of 238 units and 398 beds located roughly one-half mile from the Lexington campus. The property was purchased from an undisclosed seller.
The transaction highlights continued investor demand for student housing assets tied to major universities, a sector that has attracted capital in recent years because of enrollment growth at flagship schools and relatively stable occupancy levels.
Campus Court was reported to be 99% occupied at the time of sale.
The property was originally constructed in 1988 and expanded with additional townhome-style units in 2008. Amenities include study rooms, a fitness center, recreation facilities, and common gathering spaces designed for student residents.
Rick Travis of Coastal Ridge said the acquisition aligns with the firm’s strategy of targeting properties at flagship public universities where enrollment trends support long-term demand.
“The acquisition of Campus Court aligns with our core focus of acquiring properties at flagship state universities with growing enrollment, at an attractive basis with compelling market positioning,” Travis said.
TSB Realty brokered the sale, while affiliated firm TSB Capital Advisors arranged acquisition financing through JPMorgan Chase’s real estate banking division.
The acquisition adds another Southeastern Conference university market to Coastal Ridge’s portfolio as institutional investors continue increasing allocations to student housing, a property type often viewed as less sensitive to broader apartment market fluctuations.
Founded in 2013 and headquartered in Columbus, Ohio, Coastal Ridge focuses on student housing and multifamily real estate investments. The company reports managing more than 45,000 units and student housing beds representing over $6 billion in assets.
Paoli-based TSB Realty specializes in student housing investment sales and reports completing more than $11 billion in student housing transactions since its founding in 2014. TSB Capital Advisors, which arranged financing for the deal, reports advising on more than $80 billion in student housing and multifamily transactions since 2009.
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