CHICAGO – September 11, 2018 – Berkadia today announced the sale of The Reef, a 168-unit/924-bed student housing community in Fort Myers, Florida near Florida Gulf Coast University. Senior Managing Director Kevin Larimer and Director Greg Gonzalez of Berkadia’s Student Housing team completed the sale on behalf of Progressive Capital Group, with support from Senior Managing Director Cole Whitaker. The buyer was Coastal Ridge Real Estate. The deal closed on August 29.

“Progressive Capital Group builds some of the highest quality student housing communities in the industry. They have been a valuable client for a long time and the marketplace appreciates the caliber of product they deliver,” said Larimer.

The Reef is located at 10121 Shephard Street in Fort Myers, less than a mile from the Florida Gulf Coast University campus. The complex features furnished two, four and five-bedroom apartments that include a washer / dryer, stainless steel appliances, dishwasher, microwave and central air conditioning. The resort-style amenities include a pool, outdoor entertainment areas and bocce and volleyball courts.

“This is our second time working with Coastal Ridge on an acquisition in the Florida Gulf Coast University area this year,” said Gonzalez. “This highly-amenitized property offered a great opportunity for Coastal Ridge to provide multiple price points to students at a quickly growing university.”

With this latest transaction, Berkadia Student Housing has sold and/or financed more than $3.165 billion over the past three years representing over 141 transactions and more than 63,700 beds.