Real Estate Developments in Southwest Florida: Key Transactions and Projects
Capreit Acquires Student Housing Near FGCU for $72.3 Million
Alico Inc. Plans Major Residential Development in Fort Myers
American Integrity Insurance Expands Headquarters in Tampa
Affordable Housing Initiative: Oasis at Bayside Sold for $42.25 Million
New Bath + Racquet Residences & Club Under Construction in Sarasota
Capreit Expands into Student Housing with $72.3 Million Acquisition in Fort Myers
Fort Myers, FL – In a significant move for the multifamily property sector, Capreit, a Maryland-based operator, has acquired a student housing community near Florida Gulf Coast University (FGCU) for $72.3 million. The property, located at 19401 Skidmore Way, was previously owned by Coastal Ridge Real Estate, which purchased it for $44 million in 2018.
The Coastal Village, a three-story complex built in 2004, features 200 units and accommodates 800 students. Situated just a mile from FGCU, it is one of three student housing communities serving the university, making it a prime investment for Capreit as it ventures into the student housing market for the first time.
Andrew Kadish, CEO of Capreit, expressed optimism about the acquisition, citing the "relatively consistent and reliable demand in the student housing sector." He emphasized the company’s goal of securing steady returns and significant capital appreciation through this investment.
Founded in 1993, Capreit manages over $5 billion in multifamily assets and has developed or acquired approximately 43,000 units across the country. This latest purchase marks a strategic expansion into a sector that has shown resilience and growth potential.
Alico Inc. Plans Major Residential Development in Fort Myers
In another development, Alico Inc., a Fort Myers-based company that recently exited the citrus business, has submitted plans for a massive residential project. The proposed Corkscrew Grove development will consist of two mixed-use villages spanning 3,000 acres, with the first phase, Corkscrew Grove East Village, set to undergo a comprehensive review by local, state, and federal agencies.
Alico’s decision to pivot from citrus farming comes after a dramatic 73% decline in production over the past decade, prompting the company to explore new commercial and residential opportunities. The initial construction is expected to begin by 2028 or 2029, creating a new residential and commercial hub at the intersection of Collier, Lee, and Hendry counties.
American Integrity Insurance Expands Headquarters in Tampa
In Tampa, American Integrity Insurance has signed a lease for 75,000 square feet in Bayport Plaza, marking a significant move for the company. The new headquarters, located in the Westshore business district, will occupy three floors and features building-top signage. This move is expected to boost the building’s occupancy to 85%, with negotiations underway to fill the remaining space.
Affordable Housing Initiative in Pinellas County
In Pinellas County, the Oasis at Bayside apartment complex has been sold for $42.25 million, with plans to convert it into affordable housing. The joint venture between Gravel Road Partners and Bridge Investment Group aims to make 85% of the property available to tenants earning between 50% and 80% of the Area Median Income. The community, currently 94% occupied, includes one-, two-, and three-bedroom units.
New Development in Sarasota
Lastly, in Sarasota, Silver Sky Global Capital has secured a $79 million construction loan for the Bath + Racquet Residences & Club project. Located on the site of the former Bath & Racquet Club, the development will feature 256 residences, commercial space, and a private club designed to revitalize the area’s heritage.
As these developments unfold, they signal a dynamic shift in the real estate landscape across Southwest Florida, with a focus on student housing, affordable living, and mixed-use communities.