Friday, July 20, 2018

H. Katz JV of PA has purchased more than $1B in properties since November 2014.

by John Jordan,
Coastal Ridge Real Estate continues its expansion of its Florida student housing/multifamily portfolio with the purchase of the Coastal Village Apartments complex here. The deal puts the Columbus, OH-based firm over the $500-million threshold in deals over the past 12 months.
The company’s latest purchase was conducted with joint venture partner H. Katz Capital of Southampton, PA. The partners acquired the 200-unit, 800-bed student housing community at 19401 Skidmore Way in Fort Myers for $44 million. The 21-acre property was sold to the Coastal Ridge/H. Katz venture by an undisclosed seller, which was represented by Kevin Larimer, Greg Gonzales, Jason Stanton and Cole Whitaker of Berkadia.

The Coastal Ridge/H. Katz joint venture has purchased more than $1 billion in properties since its inception in November 2014.
Built in 2004, Coastal Village Apartments offers 200 four-bedroom/ four-bathroom units with rents ranging from $575 to $645 per unit. The property is located minutes from Florida Gulf Coast University. The community features a lakeside pool, barbeque and picnic area, clubhouse with media room, 24-hour fitness center, 24-hour resident lounge, sand volleyball court and 24-hour computer lab. Fully furnished unit amenities include private bathrooms, private room locks, washer and dryer, patios and balconies, large closets, high speed internet and lake views.

“Coastal Ridge has continued to strategically grow its portfolio in Florida,” says Patrick McBride, managing partner of Coastal Ridge Real Estate. “Coastal Village Apartments provided us the opportunity to acquire a value-add community in a supply constrained market where the student population is expected to grow for years to come.”

The Coastal Ridge/H. Katz Capital joint venture has been very active in the Florida market this year. In March, Coastal Ridge and H. Katz Capital acquired Spectra, a 324-unit Class A multi-family community located on 32.5 acres at 5500 Spectra Circle in Fort Myers from Stock Development for $71 million.

The deal was the 20th joint venture acquisition by the Coastal Ridge and H. Katz Capital partnership. The acquisition came a little more than a week after the joint venture acquired Campus Lodge, a 360-unit, 1,115-bed student housing community in Gainesville, FL.

Last October, Coastal Ridge, in partnership with H. Katz Capital, acquired The Preserve at Forest Creek, a 414-unit, Class A apartment community located at 9230 Thornbury Boulevard in Memphis from LivCor, a wholly owned subsidiary of Blackstone, for approximately $56.6 million. The deal marked Coastal Ridge’s first acquisition in Tennessee.

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