Coastal Ridge, M Group Pay $80M for Fort Myers Student Housing

FORT MYERS, FL—A partnership of Coastal Ridge Real Estate and the M Group has shelled out $80 million for The Reef, a 228-unit, 924-bed student housing community here.

The deal for the garden-style community at 10121 Shephard St., marks the second deal in the last two months by Coastal Ridge Real Estate for student housing adjacent to Florida Gulf Coast University. In July, Coastal Ridge Real Estate acquired the 200-unit, 800-bed Coastal Village Apartments, which is adjacent to The Reef, for $44 million.

 So far this year, Columbus, OH-based Coastal Ridge’s multi-family acquisition volume in Fort Myers totals almost $200 million.

Built in two phases in 2016 and 2017, The Reef features two resort-style pools with cabanas, outdoor billiards, fire pit, ping pong, Bocce Ball and a sand volleyball court. The clubhouse offers a 24-hour fitness center, cyber café with complimentary Starbucks coffee, resident club room lounge and private study rooms. Fully furnished unit amenities include a six-piece sectional sofa, luxury kitchen, an oversize refrigerator, a 50-inch flat screen ‘Smart’ TV in living room, a full-size stackable washer and dryer, private bathrooms, private room locks, high speed Internet and WIFI, USB wall outlets and premium cable.

“Coastal Ridge identified an opportunity to acquire these two adjacent assets and realize substantial operational synergies,” says Patrick McBride, managing partner of Coastal Ridge Real Estate. “The Reef is the premier student housing community at Florida Gulf Coast University and complements the value oriented Coastal Village.”

Coastal Ridge currently owns and operates more than 15,000 student housing beds and 4,300 conventional units throughout the United States. The M Group is a privately held real estate and investment firm with offices in Birmingham, MI and Aspen, CO. The firm has acquired or invested in more than 160 properties totaling more than 16 million square feet throughout North America.