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Joint Venture Pays $79M for The Reef

Coastal Ridge Real Estate and M Group teamed up to acquire The Reef, a 924-bed student housing complex serving those attending Florida Gulf Coast University. The partners acquired the Fort Myers, FL-based asset for $78.8 million. The seller was listed as SWF-REEF II.

Kevin Larimer, Greg Gonzalez and Cole Whitaker of Berkadia brokered the transaction.

The Reef at 10100-10121 Shephard St. opened in 2016, and the developer was Progressive Capital. On-site amenities for the garden-style property include two resort-style swimming pools with cabanas, outdoor billiards, a fire pit, bocce ball and sand volleyball courts, a clubhouse, fitness center, cyber café and private study rooms.

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.