Cushman & Wakefield announced that Executive Directors Nick Meoli and Mike Donaldson have represented DLS Partners in its disposition of Hamlet Cove, a multifamily community in Gainesville, Florida. Greenberg Apartment Communities acquired the asset for $13 million.
Located at 3010 SW 23rd Terrace in Gainesville, Hamlet Cove includes 12 buildings with 132 units. The property is within two miles of the University of Florida, Shands Hospital and Malcom Randall VA Medical Center. Amenities include a recently built clubhouse and leasing center, BBQ grill and picnic area, swimming pool with pavered pool deck and an on-site laundry facility
“Hamlet Cove is a unique single-story concrete block apartment community built in 1979 situated minutes from The University of Florida and Butler Plaza and its nearly 2 million square foot of newly developed retail space,” said Meoli. “Previous ownership invested nearly $14,000 per unit in capital improvements eliminating any deferred maintenance, renovating 100 percent of the units and enhancing all common area amenities.”
Added Donaldson, “New ownership plans on taking advantage of the recently completed renovations, as premium rents have not yet been realized. The buyer has the ability to increase rents nearly 30 percent upon turns, which is in line with competing properties in the immediate submarket.”