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September 15, 2019
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MULTIFAMILY NEWS
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Horizon Realty Advisors Buys 658-Bed Student Housing Community in Riverside

1/03/19

Seattle-based Horizon Realty Advisors purchased Sterling Highlander, a 658-bed, 216-unit student housing community in Riverside. The asset was sold by Houston-based The Dinerstein Companies.

Sterling Highlander is located at 3080 Iowa Ave, east of I-215 and north of Hwy 60. The complex is comprised of three four-story buildings and a clubhouse, totaling 231k sf of rentable space.

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 price was not disclosed. 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.

“Sterling Highlander offered investors the rare opportunity to acquire an institutional, LEED-Gold Certified student housing asset in California,” said Fitts. “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.”

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.






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