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.
The Reef
The Reef

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
  • clubhouse
  • billiards
  • 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