Coastal Ridge RE buys 1100-bed student housing dorm in Gainesville

Coastal Ridge RE buys 1100-bed student housing dorm in Gainesville
Coastal Ridge Real Estate and its joint venture partner H. Katz Capital have closed on the purchase of a 1,115-bed student housing development in Gainesville, Fla. The 360-unit property features 109 two bedroom units, 107 three bedroom units and 144 four bedroom units with rents ranging from $1,206 to $2,052. Located at 2800 SW Williston Road, all units are fully furnished with appliances, a full kitchen and screened porch with storage. The property was acquired from EdR which didn’t disclose the terms of the sale. “Coastal Ridge is focused on opportunities that utilize our team’s capability to create value in both operationally, and through light capital improvement plans,” said Patrick McBride, Coastal Ridge Real Estate’s managing partner. “The business plan for this new asset is materially the same, and given the success our team has already had executing it, the opportunity was a no-brainer,” McBride said.