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Sands Company Enters Florida with $47M, 22-Acre BTR Community in Gainesville
Myrtle Beach, SC-based Sands Companies has completed its $4.1-million acquisition of a 22-acre site in the Gainesville submarket of Newberry, FL with plans to develop a $37-million build-to-rent community with 212 cottage-style apartment homes.
Tim Davis of SVN | Alliance Commercial Real Estate Advisors represented the seller.
“We were aggressively targeting opportunities to expand into FL, and Gainesville is the perfect submarket to do so,” said Sands president Joe Morrison said. “Gainesville’s demographics — particularly when it comes to job and population growth — are similar to the Sun Belt areas we currently develop in. Sands has completed BTR projects in the Carolinas and GA.
Sands will construct one, two and three-bedroom cottages with community amenities including a clubhouse; pool with sundeck and cabanas; outdoor fire pit; outdoor kitchen; fitness center with interactive fitness mirrors and flex room and private workstations.
The project site offers easy access to I-75 and is 15 minutes from the Gainesville Regional Airport and 11 miles from downtown Gainesville.
- ◦Development
