Calling all Florida investors! Coastline Management Group has secured a $34.5 million acquisition loan from Peachtree Group to purchase and renovate the Pavilion on 62nd, a 312-unit apartment complex near the University of Florida campus in Gainesville.
Key Takeaways:
- Prime Location: The property benefits from its proximity to a major university, tapping into a strong student housing market.
- Central Florida Appeal: Peachtree Group cites the growing demand for multifamily in Central Florida due to rising costs in South Florida.
- Renovation Plans: Coastline intends to upgrade the garden-style complex, potentially attracting new residents and boosting rental income.
- Bridge Loan: The three-year loan provides flexibility for acquisition and renovation before potentially seeking permanent financing.
This deal highlights:
- The continued investor interest in the Florida multifamily market.
- The potential of value-add strategies in well-located properties.
- The importance of understanding market dynamics and tenant preferences.
Stay tuned: Aparti-fi will delve deeper into specific investment strategies and market trends in future newsletters!
Disclaimer: This information is for educational purposes only and does not constitute financial advice. Please consult with a qualified professional before making any investment decisions.