CAPREIT Buys Student Housing for $72M
The transaction marks the company’s foray into the sector.
In a $72.4 million deal, CAPREIT has acquired Coastal Village Student Apartments, an 800-bed student housing community in Fort Myers, Fla., from Coastal Ridge Real Estate. TD Bank originated a permanent $43.4 million acquisition loan, according to Yardi Matrix information.
Coastal Village marks CAPREIT’s first acquisition into the student housing sector. CAPREIT’s portfolio mostly consists of market-rate and workforce apartments. The company recently sold NoVa community, a 244-unit multifamily property in Manassas, Va., for $69 million.
Coastal Ridge Real Estate sold the community after owning it for seven years. The company bought the property in 2018 for $44 million, the same data provider shows.
The 277,000-square-foot Coastal Village community came online in 2004. Located at at 19401 Skidmore Way, the property consists of 200 fully furnished homes—with four bedrooms each—across a 21-acre site. Amenities include an outdoor swimming pool, resident lounge, fitness center and coffee bar, as well as private study spaces.
The community is just off Interstate 75, less than 3 miles southwest of the Florida Gulf Coast University campus. Florida SouthWestern State College is 12 miles northwest of the community and Southwest Florida International Airport is some 9 miles northeast.
In 2024, 129 student housing properties traded, 50 more than the previous year, according to a recent Yardi Matrix report. The average rent per bed was $909 as of December, the highest average on record.
