Beachwold Residential acquired Aviara, a 242-unit multifamily complex in Gainesville, Florida, for $20.2m. The property is near downtown Gainesville and the University of Florida. Berkadia secured a $16.9m loan from BankUnited, consisting of $15m at closing plus an additional $1.9m for upcoming property improvements, on behalf of the buyer. The seller, Read Property Group, purchased Aviara in 2013 for $5.3m from Colony Capital, which had taken control of the property in a foreclosure action in 2012. Built in 1972, the 33 garden-style buildings feature a mix of one- to three-bedroom units, ranging from 613 to 1,783 sq ft.
“Gainesville’s consistent apartment demand continually attracts investors that seek areas with proven fundamentals, including robust employment figures and a steady stream of residents,” said Charles Foschini, Berkadia South Florida’s senior managing director. “Demand drivers such as the University of Florida, Malcom Randall VA Medical Center and UF Health-Shands Hospital create compelling investment opportunities in the area.”
