PAOLI, PA — TSB Realty, LLC completed the sale of The Park on Morton, a 152-unit, 472-bed student housing community located near Indiana University in Bloomington, Indiana. In a joint venture, affiliates of The Preiss Company and TH Real Estate purchased the property from Coastal Ridge Real Estate.
“Coastal Ridge believed they had successfully completed their business plan and engaged TSB Realty to realize the substantial value they had created during their brief two-year hold,” said Randall L. Calvert, who led the transaction for TSB Realty.
“The Preiss/TH Real Estate team was great to work with on this transaction as they immediately recognized the immense value in owning the premier purpose-built student housing property in downtown Bloomington,” Calvert continued. “This fall, IU Bloomington experienced its largest beginner class ever, with more than 8,000 new students equaling a 4% increase over 2016.”
Coastal Ridge Real Estate, based in Columbus, Ohio, and Malibu, California, is a full-service investment management firm focused on the multifamily real estate sector. Coastal Ridge Real Estate currently has $1.5 billion of assets under management, including over 15,000 student housing beds, and is a top 15 largest student housing owner-operator.
The Preiss Company specializes in the development, acquisition and management of off-campus student housing. Based in Raleigh, North Carolina, the company is ranked among the top 10 largest, privately held, student housing owner-operators in the nation. TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with more than $109 billion in assets under management.
Located on the western edge of Indiana University’s Bloomington campus, The Park on Morton offers residents a short walk to classrooms, libraries and on-campus eateries, as well as the best-amenitized off-campus housing option in the market. Featuring a mixture of one-, two-, three-, and four-bedroom units, amenities include spacious floor plans, washer and dryer in each unit, private bathrooms for all bedrooms, granite countertops, hardwood flooring, plush carpeting and more. In addition, residents can enjoy a luxurious community clubhouse, resort-style pool and sun deck, state-of-the-art 24-hour fitness center, game room, multi-level parking deck, controlled access entry and cozy fire pit area.
TSB Realty is a full-service, national investment sales firm specializing in the valuation and disposition of student housing communities and conventional multifamily communities. In the last two years, the Paoli, Pennsylvania-based firm has closed more than $2 billion in student housing sales comprising over 9,000 units and 24,000 beds.
