CHICAGO – July 17, 2018 – Berkadia today announced the $44 million sale of Coastal Village, a student housing community in Fort Myers, Florida. Senior Managing Director Kevin Larimer and Director Greg Gonzalez of Berkadia’s Student Housing team completed the sale on behalf of New York-based Brightstone Real Estate Partners, with support from Senior Managing Director Cole Whitaker, Managing Director Rick Vidrio, Senior Director Jason Stanton and Senior Director Rick Brace. The buyer was Coastal Ridge Real Estate with H. Katz Capital. The deal closed on June 28.
“Florida Gulf Coast University boasts one of the highest prelease rates for universities under 15,000 students, which is a clear indicator of the strength of the market,” said Larimer. “Brightstone had started a strategic unit upgrade concept, which when finished will provide a great value-add opportunity for Coastal Ridge Real Estate.”
“The Southeast has been a strong market for student housing investment because of the consistent growth of enrollment across the region,” said Gonzalez.
Coastal Villages is located at 19401 Skidmore Way in Fort Myers, less than a mile from the Florida Gulf Coast University campus. The complex features luxury four-bedroom apartments that include a washer / dryer, microwave, dishwasher and central air conditioning. The resort-style amenities include a pool, a pool deck lounge and a sand volleyball courts.
With this latest transaction, Berkadia Student Housing has sold and/or financed more than $2.95 billion over the past three years representing over 134 transactions and more than 60,900 beds.