Flagstaff, AZ, June 01, 2022 (GLOBE NEWSWIRE) -- Flagstaff, AZ – Coastal Ridge Real Estate (“Coastal Ridge”) and Goldman Sachs Asset Management’s Real Estate team (“Goldman Sachs”) announced today that they have closed on their acquisition of the Commons at Sawmill, a 448-bed student housing community serving students at Northern Arizona University. Coastal Ridge currently manages over 23,000 student housing beds throughout the country.
The Commons at Sawmill features studio, two, and four-bedroom fully furnished units within walking distance to Northern Arizona University’s campus. Residents have access to a newly built clubhouse, fitness center, game area, theater, study lounge, and outdoor courtyard.
“We continue to grow our student housing footprint with the acquisition of the Commons at Sawmill,” said Dan Dooley, Managing Director of Investments at Coastal Ridge. “This property supports our investment objectives of acquiring quality purpose-built student housing assets, in fundamentally sound markets with strong state demographic trends. Additionally, we’re pleased to continue our relationship with Goldman Sachs.”
Coastal Ridge has notably grown their portfolio throughout the years and has been listed as a top student housing owner and manager since 2016. To date, the firm manages over 35,000 combined units and student beds across 50 markets.
Jaclyn Fitts, Casey Schaefer, and William Vonderfecht with CBRE brokered the transaction.
The property will be managed by Coastal Ridge.
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