
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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