Fort Collins, Colo.—Aspen Heights Fort Collins, a 220-unit, 712-bed student housing community near Colorado State University, has traded hands. Coastal Ridge Real Estate Partners, a Columbus, Ohio-based investor, in partnership with H. Katz Capital Group of Southampton, Pa., paid $65.5 million to Aspen Heights Partners, based in Austin, for the off-campus property at 530 Lupine Dr.
The community, developed by Aspen Heights Partners, includes two-, three-, four- and five-bedroom apartments and townhomes. The units feature open layouts, and common amenities include a 24-hour fitness center with yoga studio, resort-style pool, hot tub, outdoor grills, clubhouse, computer lab, sand volleyball, movie theater, study lounge, tanning beds and private shuttle.
The property is located less than two miles from CSU and is nearly 100 percent occupied. CSU, with an enrollment of more than 33,000, is the flagship university of the Colorado State University System.
The acquisition of Aspen Heights Fort Collins expands its national portfolio for Coastal Ridge to over 10,000 student housing beds. Following closing, the company took over management of the property and is in the process of re-branding it The Outpost.
TSB Capital Advisors, which is affiliated with TSB Realty, facilitated the deal. “There was great amount of interest in this asset due to the continued demand by students for Class A product,” said Randall L. Calvert, who handled the project for TSB Realty. The company also assisted the buyer in procuring a senior loan via Walker Dunlop and Freddie Mac.