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Coastal Village property in Estero sells for more than $72 million

Coastal Village housing complex in Estero has sold for $72.35 million. It is often a choice for FGCU students who can't get housing on campus.
Coastal Village
Coastal Village housing complex in Estero has sold for $72.35 million. It is often a choice for FGCU students who can't get housing on campus.

A student housing complex near the FGCU campus in Estero has sold for a big price.

Coastal Village is going for $72.35 million.

Records filed with the Lee Clerk of Courts confirm the following.

Tilden Coastal Village Investors, based in Maryland, Tamiami Coastal Limited of Naples, and Barron Collier Properties Coastal Village of Naples, are buying the place.   The new owners are taking out a $43 million mortgage to help with the purchase.  

Coastal Village now has 800 beds for students. It's located relatively close to the FGCU campus, and often is the next choice if students cannot get housing on campus.

"It's a great location and place for FGCU students," Brian Goguen, chief investment officer for Barron Collier Properties, said. "We are going to make improvements to the units and buildings. And we want to provide some improved landscaping."

Goguen said that he and the other investors believe FGCU will continue to grow, and that there will be no shortage of people looking to rent at Coastal Village. He said the sales price doesn't surprise him. "Multi-family housing in this area has increased in rents and value in the past 10 years," he said.

 Since the 1980s,  numerous companies have owned the land where the apartments are located.   Past owners include Ben Hill Griffin's Alico company.    Griffin donated the land for the FGCU campus.

Lely Development built the apartments at Coastal Village in the early 2000s, according to Lee County records.  

The price for the Coastal Village has skyrocketed.  It sold 10 years ago for $32 million — less than half the current price.   

Student rent starts at $830 a month, according to the Coastal Village website.

That gives a student  a private bedroom in a four-unit apartment, plus use of a kitchen, laundry facilities, outdoor pool and clubhouse.

Goguen of Barron Collier Properties talked about the cost of living at Coastal Villages. "Rent may go up over time, just as all costs tend to do," Goguen said. "But we have no plans to boost rent now."

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Forty-one-year veteran of television news in markets around the country, including more than 18 years as an anchor and reporter at WINK-TV in southwest Florida.