CBRE Arranges Sale and Financing of 658-Bed LEED-Gold Certified Student Housing Community near University of California, Riverside

CBRE announces the sale of Sterling Highlander, a 658-bed, 216-unit student housing community in Riverside, California. The pedestrian student housing complex is comprised of three four-story buildings and a clubhouse, totaling 230,961 square feet of rentable space. 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’s 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.
 
“Sterling Highlander offered investors the rare opportunity to acquire an institutional, LEED-Gold Certified student housing asset in California,” said Jaclyn 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 property is located at 3080 Iowa Avenue.