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Riverside Student Housing Community Sold
Seattle-based Horizon Realty Advisors purchased Sterling Highlander, a 658-bed, 216-unit student housing community in Riverside, CA, from Houston-based The Dinerstein Companies for an undisclosed price. The pedestrian student housing complex is comprised of three four-story buildings and a clubhouse, totaling 230,961 square feet of rentable space.
CBRE’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer, along with CBRE Inland Empire Multifamily’s Cray Carlson, arranged the transaction. CBRE’s Ben Roelke and Ian Walker 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 CBRE’s Jaclyn Fitts, who notes the asset serves students at the University of California, Riverside.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


