Rye, NY-based student housing investor, Timberline, has acquired a newly-build student housing property near Columbia University for $84 million.
Sources close to the deal said the 80-unit property was sold in an off-market deal by TriHill Management and Pebb Capital who developed the property.
Pebb and TriHill acquired the lot and an existing five-story dormitory in 2018 for $20.3 million from The Jewish Theological Seminary which sold the property along with 262,000 s/f of unused air rights over the school’s campus to finance modernization of their Morningside Heights campus.
Located at 415 West 120th Street, the recently-completed building sits a block away from Columbia’s campus and features 152 beds.
Cushman & Wakefield’s Adam Spies, Robert M. Shapiro and Travis Prince brokered the sale.
Founded by Andrew Stark and Nathaniel Fowler, Timberline has a reputation as a leader in the specialized student housing sector. The founders launched Campus Evolution Villages in 2012 and grew the Campus Evolution Villages and Pinnacle Campus Living brands before combining their firm with BH Management Services in 2020 to form B.Hom Student Living with over 30,000 beds across 40+ universities.
Monarch Heights is an off-campus, state-of-the-art student housing apartment building that consists of 80 units and 153 beds in studios, one, two, and three-bedroom configurations ranging from s/f to 861 s/f. It offers residents an amenity package that includes a fitness center, study area with breakout rooms, a conference center, outdoor terrace, bike storage, a package room, coffee bar, roof deck and on-site security.