The partnership of Pebb Student Living and Coastal Ridge Real Estate has acquired The Cadence, a 456-bed student housing community in Tucson, Ariz. The joint venture plans to rebrand and improve the property.
Built in 2013, the two-building community comprises studio, one-, two-, three-, four- and five-bedroom apartments, with washer/dryer units. Common-area amenities include a fitness center, clubhouse, swimming pool, spa, rooftop terrace and business center. The asset also features 190 parking spaces and 10,000 square feet of retail.
Located at 345-350 E. Congress St. in downtown Tucson, within an Opportunity Zone, Cadence is within 1 mile of Interstate 10. The Tucson Museum of Art, University of Arizona and Tucson Convention Center are all within 1 mile of the property.
In June, Coastal Ridge Real Estate received a $42.5 million refinancing loan for two off-campus student housing properties near the University of Notre Dame in Indiana. TSB Capital Advisors arranged the financing with Fifth Third Bank.