TSB Capital Advisors Arranges Debt for Acquisition of SoCam 290, 627-Bed Student Housing Near Rutgers University

PAOLI, PA — TSB Capital Advisors has arranged the acquisition debt for SoCam 290, a 233-unit, 627-bed, 12-story student housing high-rise located near the Rutgers University campus in New Brunswick, New Jersey, the firm announced March 30. Alden Street Capital acquired the property from an undisclosed seller, with TSB Realty brokering the sale.

Property Overview and Recent Renovations

Delivered in 2005, SoCam 290 offers studio to three-bedroom floor plans and sits within walking distance of major Rutgers University campus hubs. Recent renovations to most units feature the installation of stainless-steel appliances, the addition of washers and dryers, and hardwood-style flooring. Community amenities include a club room, gaming and media lounges, a 24-hour fitness center, a business center with printing services, and a 24-hour coffee bar. The property is currently 100% leased.

Market Positioning

Randall Calvert with TSB Realty cited the property's market positioning as a key factor in the transaction. "SoCam 290 is a uniquely positioned asset as one of the few purpose-built student housing properties in this Power 4 market," Calvert said. "The occupancy has been 100% the past few years and rent growth continues to increase, and yet there remain further opportunities to maximize the property. That potential is something Alden Street realized, so we were eager to work with them to get this deal done."

About the Buyer: Alden Street Capital

Alden Street Capital is a New York-based boutique student accommodation investment and asset management company founded in 2015. The firm acquires properties at major colleges and universities across the United States and focuses on improving both the physical condition and social management of its buildings. In conjunction with its partners, Alden Street Capital has invested in more than 14,000 student housing beds across 26 properties, representing approximately $1.5 billion in value.

TSB Realty and TSB Capital Advisors: Transaction Roles

TSB Realty served as the investment sales broker on the disposition. The Paoli, Pennsylvania-based firm specializes in the valuation and disposition of student housing and conventional multifamily communities. Since its founding in 2014, TSB Realty has closed more than $11 billion in student housing sales encompassing over 120,000 beds across markets ranging from tier 1 to tertiary.

TSB Capital Advisors, which has offices in Phoenix, Arizona (headquarters), Paoli, Pennsylvania, and Dallas, Texas, arranged the debt for the acquisition. Since its founding in 2009, TSB Capital Advisors has helped close more than 550 deals totaling over $80 billion in student housing and multifamily transactions. Financial terms of the debt arrangement, including loan amount, interest rate, and loan term, were not disclosed.