Coastal Ridge Closes $130 Million Recapitalization of Nine20 Near Arizona State

Coastal Ridge has closed on a $130 million recapitalization for Nine20, a 775-bed student housing community located near the Arizona State University campus in Tempe. Through the transaction, Coastal Ridge will remain as owner of the property alongside Virtus Real Estate Capital. Previous, undisclosed investors in the property were bought out. Constructed in 2018, the community offers a mix of studio through five-bedroom units. Shared amenities include a resort-style swimming pool, two-story fitness center, poolside cabanas with hammocks, a grilling area, ‘muscle beach,’ outdoor green space and a private parking garage. TSB Capital Advisors acted as the exclusive financial advisor to Coastal Ridge on the transaction and helped to secure a $78 million loan from SMBC Bank.