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Student Housing Daily - June 17 - WestConn off-campus apartments sold for $8.48M

Student Housing Daily - June 17 - WestConn off-campus apartments sold for $8.48M

CRG to build 15-story tower near University of Oregon. Coastal Ridge launches $500M fund. GSA brings in new CFO. Four new student housing deals.

Aid Sopjani & Matt H
June 17, 2025

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NEWS ROUNDUP

DISPOSITION: WestConn off-campus apartments sold for $8.48 million. Chestnut Street Townhomes, a 144-bed off-campus housing complex serving Western Connecticut State University (WestConn), has been sold for $8.48 million. The 36-unit property, built in 2009 and located just 0.4 miles from campus, includes six buildings with 32 two-bedroom townhomes featuring double garages and four three-bedroom units without garages. Northeast Private Client Group brokered the transaction, with Jeff Wright and Rich Edwards representing the seller.

DEVELOPMENT: CRG to build 15-story student housing tower near University of Oregon. CRG plans to break ground in September on a 15-story, 491-bed student housing high-rise just steps from the University of Oregon’s main entrance. The move comes as competition intensifies in Eugene’s student housing market, where vacancy rates have climbed and landlords are offering aggressive leasing incentives. To secure the prime location, CRG is purchasing and preparing to demolish three low-rise buildings—including the long-standing Espresso Roma coffee shop—valued at nearly $3 million. Demolition permits have already been filed with the city.

FUNDRAISING: Coastal Ridge launches $500 million fund, secures $105 million in first close. Coastal Ridge Real Estate has launched a fund management arm with the debut of its Coastal Ridge Student Housing Fund. The firm has already raised $105 million in a first close from three institutional investors, including Swiss asset manager Partners Group and Canadian insurer iA Financial Group, according to PERE. The value-add fund targets $500 million in total commitments and will focus on upgrading purpose-built student housing built in the 2000s or later, serving major U.S. universities with growing enrollments. San Francisco-based Accord Capital Partners is acting as placement agent.

PEOPLE MOVES: GSA brings in new CFO. Global Student Accommodation (GSA) has named Jennifer Bitterman as Chief Financial Officer, effective June 9, 2025. Based in New York, Bitterman joins GSA’s Executive Leadership Team and the broader Dot Group, bringing over 20 years of experience across finance, capital markets, asset management, and compliance in both public and private real estate sectors. "Jennifer’s proven track record… brings financial rigour and depth to GSA’s future business plans," said Nicholas Porter, CEO of The Dot Group.

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