Student Housing Daily - November 11 - Coastal Ridge acquires three properties for $90M

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NEWS ROUNDUP

ACQUISITION: Coastal Ridge acquires three properties for $90 million. Coastal Ridge has officially deployed capital from its new Value-Add Student Housing Fund, LP, closing on three student housing assets totaling nearly 1,600 beds and a gross asset value of $90 million. The acquisitions mark the firm’s first investments through its inaugural institutional commingled fund. “These three assets have the exact profile we target — strong market fundamentals, attractive basis, and value-add upside,” said Dan Dooley, CIO of Coastal Ridge. Patrick McBride, CEO, added that the fund’s timing aligns with favorable dynamics: moderating new supply and sustained demand at flagship universities.

DEVELOPMENT: Landmark and Henderson Park acquire site for 335-bed project. Landmark Properties and Henderson Park have acquired a 1.2-acre site in downtown Charleston, South Carolina, to develop The Mark Charleston, a 335-bed student housing community slated to open by the 2027 academic year. The project — designed by GreenbergFarrow and built by Landmark Construction — will include 99 units ranging from studios to six-bedrooms.

DEVELOPMENT: Gilbane, URI finalize P3 deal for housing expansion. Gilbane and the University of Rhode Island (URI) have reached financial close on a public-private partnership to deliver two new student housing communities and redevelop a third on the Kingston, Rhode Island campus. Backed by design partner CannonDesign, the initiative will add 914 new beds across two residence halls — opening in fall 2027 and August 2028 — featuring two- and four-bedroom layouts with amenities like study areas, wellness rooms, and a café.

DEVELOPMENT: Gilbane launches leasing office for 763-bed community. Gilbane Development has opened a temporary leasing office for VIBE, its new 763-bed purpose-built student housing project under construction in Orlando, Florida. Slated to open for the Fall 2026 semester, VIBE will offer 275 fully furnished apartments across a four-story building. The project is part of Gilbane Development’s partnership with CBRE Investment Management, encompassing six premier student housing communities nationally. According to Gilbane’s Katy Moore, VIBE is a wellness-driven community crafted to meet the lifestyle needs of UCF students.

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390 Beds | Built in 2022 | 98.2% Occupancy | Avg. Market Rent Per Bed: $984

706 Beds | 540 Units | Priciest Single-Asset Student-Housing Listing Since 2023 | Price: $190,000,000 | Price Per Bed: $269,000

110 Units | Fully Stabilized | 100% Occupancy | NOI: $962,004 | Avg. Rent: $1,005/Unit

0.8 Miles to Campus | Current Ownership Has Invested Approximately $2.5M ($26K/Unit) In Renovation | 98.2% Avg. Occupancy from AY ‘22-’23 to AY ‘25-’26

ONE MORE THING

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