Berkadia Secures FL Student Housing Sale
The 200-unit community serves Florida Gulf Coast University. A joint venture between Coastal Ridge Real Estate and H. Katz Capital purchased the asset.
After originating a $10.1 million Freddie Mac loan for a multifamily property in Pennsylvania, Berkadia has arranged the sale of Coastal Village, a 200-unit student housing community in Fort Myers, Fla. Coastal Ridge Real Estate, together with H. Katz Capital, acquired the asset for $44 million from Brighstone Real Estate Partners. The 17-building property serves students at the Florida Gulf Coast University.
Located at 19401 Skidmore Way, Coastal Village is less than one mile from the university and offers convenient access to the Southwest Florida International Airport. The three-story buildings feature four-bedroom units averaging 1,385 square feet and include in-unit amenities such as washer/dryer, dishwasher, air conditioning and large closets.
Common-area amenities include:
- swimming pool
- sand volleyball court
- pool deck lounge
- coffee bar
- poolside fire pit
- lakeside hammocks
- outside grills
- ping pong table
- fitness center
- computer lab
Senior Managing Director Kevin Larimer and Director Greg Gonzalez of Berkadia’s Student Housing team secured the sale, together with Senior Managing Director Cole Whitaker, Managing Director Rick Vidrio, Senior Director Jason Stanton and Senior Director Rick Brace.
“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,” Larimer said, in a prepared statement. “The seller had started a strategic unit upgrade concept, which when finished will provide a great value-add opportunity for Coastal Ridge Real Estate.”
Image courtesy of Yardi Matrix