Press Release

CBRE Announces Sale and Financing of 216-Unit Student Housing Community in Riverside, CA to Seattle-Based Horizon Realty Advisors

06 12 2018

sterlingpost

Inland Empire property draws numerous offers; transaction is among largest student housing deals in the region this year

Los Angeles, CA – CBRE announced the sale of Sterling Highlander, a 658-bed, 216-unit student housing community in Riverside, CA. Seattle-based Horizon Realty Advisors purchased the asset from Houston-based The Dinerstein Companies for an undisclosed price.

CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer along with CBRE Inland Empire multifamily specialist Cray Carlson arranged the transaction. Ben Roelke and Ian Walker with CBRE’s Debt & Structured Finance team secured long-term financing on behalf of the buyer. The 10-year, fixed-rate loan was provided through CBRE’s Fannie Mae DUS program, CBRE Multifamily Capital Inc., and featured a sub 4.5% interest rate and full-term interest-only payments.

The pedestrian student housing complex, located at 3080 Iowa Avenue, is comprised of three four-story buildings and a clubhouse, totaling 230,961 square feet of rentable space.

“Sterling Highlander offered investors the rare opportunity to acquire an institutional, LEED-Gold Certified student housing asset in California,” said Fitts, director of National Student Housing at CBRE. “This unique asset paired with the University of California, Riverside’s planned growth of over 6,700 students by 2025, resulted in a highly competitive marketing process.”

Serving University of California, Riverside, Sterling Highlander provides a pedestrian option with top-of-the-market amenities for students who attend the university. The property boasts unparalleled unit finishes and amenities, including a complete contemporary furniture package in each unit and an expansive pool deck with a large, resort-style swimming pool. Additionally, the units include nine-foot ceilings, stained or concrete flooring in wet areas, and a 42-inch flat screen TV with Apple TV.

The Inland Empire is a thriving student housing and multifamily market, with more than 96% occupancy. Demand for rental property in the Inland Empire is likely to stay strong. The area has one of the fastest-growing populations in the country, according to recent estimates from an analysis by the U.S. Census Bureau. Riverside County ranked third among all counties nationwide for population growth last year with 36,744 more residents, up 1.5% from the prior year.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.