Joint Venture Acquires 924-Bed Community Near Florida Gulf Coast University for $78.8 Million

Fort Myers, Fla. — A joint venture between Coastal Ridge Real Estate and M Group has acquired The Reef, a 924-bed student housing community located near Florida Gulf Coast University in Fort Myers, for $78.8 million.

Built in two phases in 2016 and 2017, the garden-style property offers fully furnished units with bed-to-bath parity. Shared amenities include two resort-style swimming pools with cabanas; outdoor billiards; a fire pit; bocce ball and sand volleyball courts; a clubhouse; 24-hour fitness center; cyber café; and private study rooms. Kevin Larimer, Greg Gonzalez and Cole Whitaker of Berkadia brokered the transaction.