Columbus, Ohio-based Coastal Ridge Real Estate LLC completed a recapitalization of Nine20, a student housing property near Arizona State University in Tempe.
- A joint venture between Coastal Ridge and Austin, Texas-based Virtus Real Estate Capital bought out Coastal Ridge’s prior investors for $130 million to continue to own and operate the property.
- TSB Capital Advisors acted as the exclusive financial adviser to Coastal Ridge on the transaction and helped to secure a $78 million loan from SMBC Bank.
- Houston-based The Dinerstein Cos., which built the project in 2018 on 4.58 acres, sold it to Coastal Ridge for $115 million in cash in August 2019, according to Tempe-based Vizzda LLC real estate database.
> Coastal Ridge also owns the 448-bed Commons at Sawmill near Northern Arizona University in Flagstaff.
> The company sold the 456-bed The Cadence near University of Arizona in Tucson in 2021, said Jeremy Gorsky, managing director of investor relations and fund operations for Coastal Ridge.
With more than $4.2 billion of managed assets, the real estate investment firm doesn’t have any plans to build any projects in metro Phoenix, he said.
“We are always evaluating the market for opportunities,” Gorsky said.
“We are always evaluating the market for opportunities,” Gorsky said.
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