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BUYER: Florida Gulf Coast University Board of Trustees, Fort Myers
SELLER: Andrew Bolnick as receiver for University Club Apartments/Gulf Coast LLC
PROPERTY: 17101-17191 College Club Loop, Fort Myers
PRICE: $14.75 million
PREVIOUS PRICE: $6 million, June 2003
LAW FIRM ON DEED: Roetzel & Andress LPA, Orlando
PLANS, DESCRIPTION: Florida Gulf Coast University purchased the 144-unit College Club Apartments for $14.75 million.
The price equated to $102,430 per unit or $29,266 per bed.
The property features a swimming pool, a game room and a fitness center. The complex also has in-unit washers and dryers.
“We will be bring it under our housing umbrella,” says Joe Shepard, vice president of administrative services for the university. “This was really built for student housing instead of standard apartment living. It was built by Kraft [Construction Co. Inc.], which also builds a lot of on-campus properties for us so we know it's structurally a solid property.”
Shepard says the university's growth has forced it to constantly increase its residential facilities. He expects the off-campus community to particularly appeal to graduate students.
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