COMPANY PROFILE Building a Diversified Portfolio F 46 Coastal Ridge Real Estate has gone from zero to 17,000 beds in eight years. The company is now focusing on acquiring more multifamily communities, as well as growing its third-party management business. By Randall Shearin Founded in 2013, Coastal Ridge Real Estate fo-cused solely on student housing for its first few years. The company expanded to conventional multifamily in 2015 and has continued to expand in that sector. The company now owns $2.4 bil-lion worth of multifamily and student housing properties through joint venture partnerships and manages approximately 15,200 units, in-cluding 17,000 beds, across 61 properties in 16 states. Over the past two years, Coastal Ridge has expanded its third-party management busi-ness, focused heavily on student housing prop-erties, and built a ground-up development divi-sion focused on build-for-rent multifamily. Headquartered in Columbus, Ohio, with a West Coast office in Santa Monica, California, the company’s student housing portfolio is located predominantly along the East Coast and Mid-west. It has properties in its hometown of Columbus, as well as large university mar-kets like Gainesville, Florida, Tempe, Ari-zona, and Knoxville, Tennessee. “Our portfolio is diversified by loca-tion and by where our properties are strate-gically positioned in BEN TEXLER a particular market,” President & Partner, says Ben Texler, the Coastal Ridge company’s president and a firm partner. Coastal Ridge has grown tremendously over the past eight years, rising to become one of Student Hous-ing Business ’ Top 25 owners and managers — the company was ranked the 19th largest owner and 20th larg-est manager in SHB’s 2020 rankings. Coastal DAN DOOLEY Ridge has grown its Head of Acquisitions, ranks internally too, Coastal Ridge hiring and promoting a number of employ-March/April 2021 The Reef is located near Florida Gulf Coast University and features two-, four-and five-bedroom units. Close to the ASU campus in Tempe, Arizona, Nine20 Tempe features studio, one-, two-,three-and four-bedroom units with a host of amenities. ees recently. Coastal Ridge currently has ap-proximately 580 employees. By comparison, the company had 150 employees when SHB last profiled the firm in 2016. “One of the great things that comes with our growth has been the ability to grow our employ-ees’ careers,” says Texler. “We’ve also rounded out our strong track record of internal promo-tions by hiring the best and brightest from other multifamily operators. We are really a collective of ideas from our entrepreneurial roots com-plimented by best practices that were brought in by talented individuals who have joined our organization.” StudentHousingBusiness.com
Student Housing Business March/April 2021: Page 46
