By D.C. Stribling
Coastal Ridge Real Estate has acquired Crowne at Campus Pointe, a 324-unit, 718-bed student housing community at 2240 Grand Ave. in Knoxville, Tenn. The seller was Crowne Partners.
Crowne at Campus Pointe is near the University of Tennessee (UT) campus, allowing residents to walk to all classrooms and athletic events. UT is the flagship school of the University of Tennessee system, with about 28,000 students.
Built in 2005, Crowne at Campus Pointe offers 36 one-bedroom units, 182 two-bedroom units, and 106 three-bedroom units, with rents ranging from $870 to $1,935 per unit. Common amenities include a resort-style swimming pool and sundeck; fire pit area; outdoor cooking area with gas grills and big screen televisions; a 24-hour fitness center; clubhouse with billiards and television; a 24-hour study center with computers; coffee lounge; and large dog park.
Adding to its portfolio
Ryan Lang and Bo Flurry of ARA Newmark represented the seller in the sale. With this acquisition, Coastal Ridge has reached 15,000 beds in its student housing portfolio. The Columbus, Ohio-based company also owns about 3,000 conventional apartment units.
“Crowne at Campus Pointe offered us the opportunity to acquire a core located student housing community with operational- and capital investment-driven upside potential,” said Patrick McBride, managing partner of Coastal Ridge Real Estate.