Cushman & Wakefield announced that the commercial real estate services firm has arranged the $35 million sale of The Pavilion on 62nd, a 312-unit student housing community located at 1000 SW 62nd Blvd. in Gainesville, Florida.
Mike Donaldson, Nick Meoli, Travis Prince, and Victoria Marks Vagnier of Cushman & Wakefield represented the seller in the transaction. The property was sold by a Delaware Limited Liability Company and acquired by a joint venture between Coastline Management Group and RWW Gainesville, LLC.
“Pavilion on 62nd is a unique value-add student housing community in Gainesville, Florida that boasts an outsized amenity package and desirable floor plans,” said Donaldson, Vice Chairman at Cushman & Wakefield. “The property presents a tremendous value-add opportunity as the units are still largely classic in nature and most of the property had not been updated for quite some time. Furthermore, the property was attracting a tenant base that was non-student which also presented an opportunity to convert to market-rate apartments given the demand for conventional housing.”
“What made Pavilion attractive to both student and conventional investors was the continued performance of the overall market. The University of Florida and Shands Hospital produce unparalleled demand year over year, creating such a strong and unique driver for investor returns,” noted Victoria Marks Vagnier, Senior Associate at Cushman & Wakefield.
Offering a unit mix consisting of mostly large four-bedroom floorplans catered to students, the property includes two large clubhouses, two swimming pools, an indoor and outdoor basketball court, volleyball courts, a movie theater, study lounge, separate cardio and weight training fitness rooms, a dog park, and computer lounge that are all part of a substantial amenity package.
“While there were numerous headwinds that we faced on this one due to the challenging capital markets environment, we were still able to generate over 20 offers and ultimately closed with Coastline Management Group and RWW Gainesville, LLC, who had prior experience in the Gainesville market and plans on implementing a substantial renovation program,” added Meoli, Vice Chairman at Cushman & Wakefield.
“Based on our previous successes and our unwavering belief in the Gainesville area, we are delighted to do it all over again. Our team is ready!” noted Eyal Mehaber of Coastline Management Group.
