GAINESVILLE, FL—Capstone Apartment Partners has closed the sale of a 208-unit apartment portfolio in Gainesville, Florida. The portfolio is comprised of 32 buildings within East Gainesville’s Holly Heights & Cedar Ridge neighborhoods.
The Capstone transaction team was led by Tom Huffsmith, Nasser Al-Hafi, Jad Richa, and Brian Hunsicker, who took Holly Heights Apartments to market and helped the buyer, Murbeck Investments, source an additional 84 units within the neighborhood, providing scaled entry into the East Gainesville market. Murbeck Investments intends to renovate units in an effort to improve apartment interiors and bring rents up to market.
“Holly Heights offered the rare opportunity to acquire a multi-family property with significant scalability upside due to the fractured ownership within the immediate neighborhood,” said Huffsmith. “Capstone secured a buyer that was able to perform within the aggressive timeline required by the seller, as well as secure additional units for the buyer to ensure their repositioning strategy can realistically be achieved.”
The Holly Heights neighborhood was constructed in multiple phases between 1980 and 1984. The buildings were approximately 95% occupied at the time of closing.