A joint venture paid $55,000 per bed for a 14-year-old apartment property in Fort Myers catering to college students.
Coastal Ridge Real Estate and H. Katz Capital acquired the 200-unit, 800-bed property, called Coastal Village Apartments, for $44 million.
Monthly rents for the four-bedroom, four-bathroom units range from $575 to $645 per unit.
Built in 2004, Coastal Village Apartments features a clubhouse with a media room, swimming pool, barbecue and picnic area, and sand volleyball court. Open 24 hours a day are the resident lounge, gym and computer lab.
Fully furnished units at the student housing complex have private bathrooms, a washer and dryer, high-speed Internet service and views of a lake.
Patrick McBride, managing partner of Coastal Ridge Real Estate, said in a prepared statement that Fort Myers is “a supply-constrained market where the student population is expected to grow for years to come.”
Coastal Village Apartments is a 21-acre property at 19401 Skidmore Way, near rapidly growing Gulf Coast University and several retailing and entertainment destinations including Gulf Coast Town Center and Fort Myers River District.
Berkadia brokerage agents Kevin Larimer, Greg Gonzales, Jason Stanton and Cole Whitaker represented the unidentified seller in the $44 million transaction. – Mike Seemuth