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Ohio Investor Snags Florida Student Housing Asset for $80M

Columbus, OH-based Coastal Ridge Real Estate and M Group acquired The Reef, a 228-unit, 924-bed student housing community in Fort Myers for $78.75 million. The property is located at 10121 Shephard St. near Florida Gulf Coast University, and follows Coastal Ridge’s acquisition of Coastal Village Apartments earlier this summer.

Built in two phases in 2016 and 2017, the property is a garden-style community featuring two resort-style pools with cabanas, outdoor billiards, fire pit, ping pong, Bocce Ball and a sand volleyball court. The clubhouse offers a 24-hour fitness center, cyber café with complimentary coffee, resident club room lounge and private study rooms.

Coastal Ridge Real Estate’s Patrick McBride says, “Coastal Ridge identified an opportunity to acquire these two adjacent assets and realize substantial operational synergies. The Reef is the premier student housing community at Florida Gulf Coast University, and complements the value-oriented Coastal Village.”

Berkadia’s Kevin Larimer and Greg Gonzalez completed the sale on behalf of Progressive Capital Group, with support from Cole Whitaker.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.