February 13, 2020
Coldwell Banker Commercial M.M. Parrish Realtors has arranged the $30.3-million sale of a 461-unit multifamily portfolio in Gainesville, FL. Beau Beery of Coldwell Banker represented both the buyer, Baer Asset Management Co., and the seller, Gainesville Real Estate Management Co.
The four apartment complexes are Gator Village, Sundowne Villas, Courtney Greens and Summer Place. The properties are nearby the University of Florida, and within walking distance to shopping and dining options. The seller recently renovated the properties and the new owner is planning additional renovations to the interiors, as well as the pools and landscape.
“This portfolio was extremely attractive to the buyer, due to its excellent location and the potential for value adds to the interiors leading to handsome rent bumps. There is a shortage of one-bedroom and studio apartments in Gainesville,” said Beery. “The seller had renovated the interior of about 10% of the units to provide significant rent bumps. The buyer will be renovating the remaining 90% of the interiors, as well as upgrading many of the exterior common area amenities, including clubhouse, pools, dog parks, fitness rooms, and leasing offices.”
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