Columbus, OH – Coastal Ridge Real Estate, a $2.8 billion AUM multifamily real estate investment and management firm, has acquired Peak Property Group, an apartment owner and operator with apartments throughout Columbus and Cincinnati. The business combination will allow Coastal Ridge to launch a scattered-site multifamily strategy.
Founded in 2008 by two of Coastal Ridge’s Managing Partners, Jay Harkrider and Andy Lallathin, Peak Property Group has acquired and managed a $175 million portfolio of small-unit-count apartments and single-family homes throughout Columbus and Cincinnati, with a strong presence near The Ohio State University and the University of Cincinnati. While the two
companies have always been loosely affiliated, the completion of the acquisition and integration of teams will allow Coastal Ridge to launch an institutional calibre scattered-site multifamily strategy.
“We believe scattered-site multifamily offers us another avenue of opportunities to grow our organization, management, and investment platforms,” said Jay Harkrider, Managing Partner at Coastal Ridge. “Peak Property Group’s management platform is very much what started Coastal Ridge’s management platform years ago and we’re happy to bring this full-circle moment to both of our organizations.”
Scattered-site multifamily typically consists of single-family homes and small-unit-count apartment buildings across a neighbourhood or city. Coastal Ridge expects to expand into new markets including Nashville, TN and Santa Barbara, CA over the coming 12 months.
“This is a big moment for Coastal Ridge. With the integration of Peak, we now possess the expertise, scale, and an institutional approach to this under-tapped scattered-site market.” said
Andy Lallathin, Managing Partner at Coastal Ridge. “We expect to acquire upward of $500 million of this asset type over the next few years.”
Coastal Ridge also invests in and manages conventional multifamily and student housing assets throughout the United States and grew its portfolio by 20 per cent in 2020.
About Coastal Ridge Real Estate
Headquartered in Columbus, OH with additional offices in Santa Monica, CA and Santa Rosa Beach, FL, Coastal Ridge Real Estate is a full-service real estate investment and property management firm executing on core, core plus, value add, and ground-up development investment strategies in the multifamily real estate asset class. The firm’s vertically integrated platform includes divisions to oversee investment management, property management, and development. Coastal Ridge’s current portfolio is comprised of 30,000+ conventional apartment units and student housing beds spanning 39 distinct markets, with assets under management totaling over $2.8 billion. Coastal Ridge has been recognized as an Inc. 5000 Fastest-Growing Private Companies in America five times. For more information visit www.coastalridge.com.
MEDIA CONTACT:
Hilary Marshall
Director of Corporate Marketing
(707) 328.5078 (cell)
(614) 368.8016 (direct)
hmarshall@coastalridge.com
