CAPREIT (OTCMKTS: CDPYF) (TSX: CAR.UN), a Toronto-headquartered real estate investment trust focused on multifamily assets, has ventured into the student housing sector with its acquisition of Coastal Village, a 200-home, 800-bed student housing community in south Fort Myers, Florida.
According to the company, Coastal Village was built in 2004 and is near Florida Gulf Coast University, a Division I college attended by approximately 16,000 students. The property is a is a pet-friendly community and offers fully furnished homes, each with four private bedrooms. Community amenities include an outdoor swimming pool, fire pit, resident lounge, coffee bar, private study spaces and an onsite fitness center.
The financial terms of the acquisition were not disclosed. This is the second expansion within a year for CAPREIT into new sectors – in 2024, it entered the single-family, build-to-rent sector with the acquisition of Baldwin Chase in Greenville, South Carolina.
“Residents of student housing want all the same things that traditional apartment residents want – namely, superior property management and white-glove service,” said Andrew Kadish, CEO of CAPREIT. “It’s that kind of touch that CAPREIT can bring to Coastal Village and the student housing industry. The relatively consistent and reliable demand in the student housing sector, combined with our desire to secure steady returns and significant capital appreciation for our investors, gives CAPREIT the perfect opportunity to enter student housing.”
