Gainesville Student Housing Project Flips for $35M

The Pavilion on 62nd, a 312-unit student housing community located at 1000 SW 62nd Blvd. in Gainesville was sold for $35 million ($112,000 per unit). 

Mike Donaldson led a Cushman & Wakefield team representing the seller, a Delaware Limited Liability Corporation, in the transaction. A joint venture between Coastline Management Group and RWW Gainesville acquired it. 

Cushman & Wakefield’s Donaldson said, “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.” 

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 and separate cardio and weight training fitness rooms.