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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