JV Buys Fort Myers Student Housing Community
The off-campus, 168-unit student housing property serves students attending Florida Gulf Coast University, situated 3.1 miles away.
A joint venture between RSE Capital Partners and Coastal Ridge Real Estate has secured the acquisition of The Reef, a 924-bed student housing community in Fort Myers, Fla. With this transaction, Coastal Ridge has expanded its $1.5 billion student housing portfolio, which includes 15,500 beds.
Located at 10121 Shephard St., on approximately 23.4 acres, the 14 three-story buildings offer convenient access to Florida Gulf Coast University, situated 3.1 miles away. Additionally, the Southwest Florida International Airport is approximately 8.8 miles away.
Built in 2016, the off-campus community features 168 two-, four- and five-bedroom units ranging from 864 to 2,054 square feet. Common-area amenities include:
- two swimming pools
- poolside cabanas
- TV lounge
- fitness center
- half court basketball
- hammock lounge
- grilling stations
- free tanning
- shuffle board
- bocce ball court
- ping pong
“The Reef acquisition indicates our continued faith in student housing at growing universities with supply-demand imbalance and another step in solidifying our presence in markets throughout the southeast,” said Coastal Ridge CEO Patrick McBride in a prepared statement.
Image courtesy of Yardi Matrix