The sale of Coastal Village, a student housing community in Fort Myers, was recently announced JBM Institutional Multifamily Advisors.
The a 2004-built, concrete block property is a 200-unit, 800-bed, three-story asset that sits on 21.29 acres +/-. It is one of only three purpose-built student housing communities servicing Florida Gulf Coast University.
The Fort Myers property sold for $72,350,000 or $361,750/unit or $90,438/bed. JBM has transacted on over $334+ million together with CAPREIT (buyer).
Coastal Village features a comprehensive amenity package including a resort-style pool with expansive sun deck, 24-hour fully equipped fitness center, valet trash, grilling stations, lakeside hammocks, and more. The students have access to private shuttles that run directly to and from the university. The clubhouse is comprised of study rooms, computer lab with free printing, media room, high-speed internet, coffee bar and lounge areas.
Every unit has an efficient layout as all floorplans feature full bed/bath parity and are the exact same, fully furnished, 4-bed/4-bath layout. There are four different degrees of upgrades. The fully renovated units feature granite countertops, stainless steel appliances, flat-panel white cabinetry, single-basin, undermount sink, tile backsplash, upgraded ceiling fans, modern light fixtures, brushed nickel hardware and faux wood plank flooring throughout. There is tremendous upside to bring all floorplans up to the highest-level of upgrades by implementing an interior renovation program.
Coastal Village student housing in Fort Myers is located just 1 mile from FGCU. The Southwest Florida property has exceptional connectivity to Interstate-75 with proximate access to Three Oaks Parkway, Alico Road, Ben Hill Griffin Parkway, and U.S. Highway 41. This provides access to major shopping destinations and retail options such as The Miromar Outlets and The Gulf Coast Town Center just 2 miles away.
With over 16K+ students, FGCU has increased student enrollment by more than 11% since 2019. The University boasts the 2nd Highest Graduate Employment Rate amongst all Florida state universities.
