Four apartment communities in Gainesville, Fla.—Gator Village, Sundowne Villas, Courtney Greens, and Summer Place—were recently sold to Weller Management, also based in Florida, for $30,350,000. The communities are all within a short drive to the University of Florida campus. Coldwell Banker Commercial M.M. Parrish Realtors arranged the deal.
“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,” said Beau Beery, a broker at Coldwell Banker Commercial M.M. Parrish Realtors. “There is a shortage of one-bedroom and studio apartments in Gainesville, and it’s even rarer to find them as ground-floor apartments where you can park right in front.”
The apartment configuration represents a rarity in Gainesville as they are all ground-floor one-bedroom and studio apartments. The seller recently began a renovation project before deciding to sell. “The seller had renovated the interior of about 10% of the units to provide the significant rent bumps,” said Beery. “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.”
