GAINESVILLE, FL – Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of two multifamily communities in Gainesville, Mount Vernon at 2370 SW Archer Rd. and Williamsburg Village at 2000 SW 16th St. The final sale price was $33.4 million, equating to more than $162 per square foot.
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, a New York based private equity fund, in the transaction. The properties were purchased by a private investor based in Orlando, Florida.
“The sale of Mount Vernon and Williamsburg Village apartments represented a rare opportunity to acquire two non-student market-rate communities that are conveniently located within the Gainesville market and walking distance from the University of Florida,” said Donaldson, Executive Managing Director at Cushman & Wakefield. “While these assets were well renovated by the seller over the course of the last six years, most of the improvements are now outdated by today’s standards leaving excellent opportunity to further enhance the units.”
The Mount Vernon and Williamsburg Village multifamily communities offer one-, two- and three-bedroom units within walking distance of the University of Florida’s Shands Medical school, Veterinary school and the VA hospital. Amenities at each of the properties include a swimming pool, poolside fire pit and BBQ station, on-site laundry, and proximity to retail outlets Butler Pizza, Whole Foods, Lowe’s, Total Wine, Trader Joe’s and Target.
Both communities also present a value-add opportunity after implementing several interior and exterior renovations and the ability to offer new amenities like a fitness center, business lounge and dog wash station.
About Cushman & Wakefield: Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.