Major Developments in Florida Real Estate: Student Housing, Mixed-Use Villages, and Affordable Living

Capreit Expands Into Student Housing in Fort Myers

Capreit, a prominent Maryland-based multifamily property operator, has recently made headlines by acquiring a student housing community near Florida Gulf Coast University (FGCU) for $72.3 million. Located at 19401 Skidmore Way in Fort Myers, the newly acquired property, known as Coastal Village, includes:

• 200 units
• 800 beds
• A three-story structure on 21.29 acres

Previous Ownership and Sale Insights

The property was sold by Coastal Ridge Real Estate from Ohio, which originally purchased it for $44 million in 2018. According to JBM Institutional Multifamily Advisors, this acquisition marks Capreit’s first venture into student housing, reflecting its confidence in the consistent demand within this sector.

Andrew Kadish, CEO of Capreit, emphasized the company’s strategy:

"We see this as an opportunity due to the relatively consistent and reliable demand in the student housing sector, combined with our desire to secure steady returns and significant capital appreciation."

Capreit, founded in 1993, manages more than $5 billion in multifamily assets and has developed or acquired 43,000 units.

Alico Inc. Ventures into Residential Development

In other news, Alico Inc. from Fort Myers has announced plans to transition from citrus production to residential development. Following a significant decline in citrus production, Alico has submitted a comprehensive application for a mixed-use project that will include:

• Corkscrew Grove East Village
• Corkscrew Grove West Village

Developing New Communities

The project aims to create a 3,000-acre master-planned community near the intersection of Collier, Lee, and Hendry counties. The company intends to begin construction on Corkscrew Grove East Village by 2028 or 2029, contingent upon receiving necessary permits.

Alico’s decision to close its citrus operations is a pivotal step to capitalize on new commercial and residential development opportunities, given that it owns around 53,371 acres across multiple counties.

American Integrity Insurance Leases Space in Tampa

New Headquarters in Bayport Plaza

American Integrity Insurance has made the strategic move to lease 75,000 square feet in Tampa’s Bayport Plaza, planned to house its new headquarters. The specifics of the leasing arrangement include:

• Occupying three floors
• Major building-top signage

This arrangement brings the building’s occupancy rate to 85%, with ongoing negotiations for additional tenants expected to boost it to 95% soon.

Oasis at Bayside: Affordable Housing Initiative

A 304-unit apartment complex in Largo, known as Oasis at Bayside, has been sold for $42.25 million and will be transformed into affordable housing. Key details include:

• Joint venture partnership between Gravel Road Partners and Bridge Investment Group
• 85% of apartments designated for tenants earning between 50% and 80% of the Area Median Income
• Ongoing occupancy at 94%

This development exemplifies a crucial step toward expanding affordable living options in the region.

Bath + Racquet Residences: Luxury Living on the Horizon

Major Construction Loan Secured

In Sarasota, Silver Sky Global Capital has secured a $79 million construction loan for the anticipated Bath + Racquet Residences & Club project. Some highlights of this project include:

• 256 residences
• Ground-floor commercial and recreational spaces spanning 60,000 square feet
• A 43,500-square-foot private club enhancing the legacy of the original Bath & Racquet Club

Construction is already underway on the site located at 2170 Robinhood St, promising a new wave of luxury living in Sarasota.

In Conclusion

Florida’s real estate landscape is evolving rapidly, with several significant projects underway that cater to diverse housing needs, from student accommodation to affordable living and luxury developments. These advancements not only meet local demand but also signify a robust economic future for the area.

For ongoing updates and insights into Florida’s real estate trends, stay informed by following relevant news outlets and market analysis platforms.