JBM Completes Large-Scale Sale of Coastal Village
JBM Institutional Multifamily Advisors proudly reports the successful sale of Coastal Village, a notable student housing community established in 2004. This community features a robust structure made of concrete block, offering 200 units and accommodations for 800 students, all spread across a spacious 21.29 acres. Coastal Village has established itself as one of only three dedicated student residences catering to students of the local university, contributing significantly to the community's housing needs.
Financial Highlights of the Sale
This substantial investment was concluded at a price of $72,350,000. This translates to an impressive $361,750 per unit and a remarkable $90,438 per bed. JBM has demonstrated immense expertise in the real estate market, having successfully facilitated transactions totaling over $334 million alongside their partner, CAPREIT, who acquired the property.
Amenities Tailored for Students
Coastal Village is more than just a housing community; it offers a wealth of amenities designed specifically to enhance the living experience for its residents. Key features include a resort-style swimming pool accompanied by a wide sun deck, a state-of-the-art 24-hour fitness center, valet trash service, and outdoor grilling stations. Additionally, students can unwind in lakeside hammocks and utilize dedicated transportation options that link directly to the university.
Community Clubhouse Features
The community clubhouse at Coastal Village serves as a hub for student life, housing several study rooms, a comprehensive computer lab offering free printing, and a cozy media room. Residents also benefit from high-speed internet access, a coffee bar, and various lounge areas, creating a vibrant and conducive atmosphere for both study and relaxation.
Unit Designs and Features
The residential units at Coastal Village are meticulously designed to maximize space and comfort. Each unit follows an efficient layout, featuring identical fully furnished models with 4-bedroom and 4-bathroom configurations. Different levels of upgrades are available, with fully renovated units boasting striking granite countertops, stainless steel appliances, and elegant tile backsplashes. The potential exists to elevate all units further through a focused interior renovation initiative, promising even greater returns on investment.
Coastal Village Location Advantages
Strategically situated only 1 mile from the local university, Coastal Village benefits from excellent connectivity to Interstate-75, enhancing accessibility to essential amenities. Notable routes nearby include Three Oaks Parkway, Alico Road, Ben Hill Griffin Parkway, and U.S. Highway 41. This prime location allows residents to easily visit major shopping centers and retail destinations, such as The Miromar Outlets and The Gulf Coast Town Center, both within a mere two miles radius.
Growth at Florida Gulf Coast University
With student enrollment at Florida Gulf Coast University (FGCU) surpassing 16,000, there has been a noteworthy increase of over 11% since 2019. The university is recognized for achieving the second-highest graduate employment rates among state universities in Florida, underscoring its commitment to student success.
About JBM Institutional Multifamily Advisors
JBM Institutional Multifamily Advisors maintains an impressive market presence, holding over 70% of the market share in Southwest Florida. It stands out as the leading boutique brokerage firm in the U.S., as determined by Green Street’s national multifamily broker rankings. For four consecutive years, JBM achieved the highest average sale price per transaction nationwide. Additionally, their extensive history includes a remarkable transaction volume exceeding $20 billion and management of over 172,000 units.
Frequently Asked Questions
What is Coastal Village?
Coastal Village is a dedicated student housing community offering 200 units and secured accommodations for 800 students with a diverse array of amenities.
How much was the sale for Coastal Village?
The sale concluded at $72,350,000, which equates to approximately $361,750 per unit and $90,438 per bed.
What amenities are available at Coastal Village?
Residents enjoy amenities such as a resort-style pool, 24-hour fitness center, clubhouse with study areas, and private shuttle services to the university.
How far is Coastal Village from the university?
Coastal Village is conveniently located just 1 mile from Florida Gulf Coast University, making it an ideal residence for students.
What is the market position of JBM?
JBM holds a leading position in the market, with a significant share in Southwest Florida and recognized as the #1 boutique brokerage firm in the United States.
