A partnership between Coastal Ridge Real Estate and H. Katz Capital has picked up a student housing community in Fort Myers, Florida, for $44m. The 200-unit, 17-building property, Coastal Village, serves students at the Florida Gulf Coast University. The property is less than 1 mile from the university and offers convenient access to Southwest Florida International Airport. The three-story buildings feature four-bedroom units averaging 1,385 sq ft and include in-unit amenities such as washer/dryers, dishwashers, air conditioning units and large closets. Common-area amenities include a swimming pool, sand volleyball court, lakeside hammocks and a computer lab. Berkadia arranged the sale of the property on behalf of the seller, Brighstone Real Estate Partners.
“Florida Gulf Coast University boasts one of the highest pre-lease rates for universities under 15,000 students, which is a clear indicator of the strength of the market,” said Kevin Larimer, senior managing director at Berkadia. “The seller had started a strategic unit upgrade concept, which when finished will provide a great value-add opportunity for Coastal Ridge Real Estate.”
