Rosewood Realty Group has sold a 322-unit multifamily development in Gainesville, FL for $77 million. Evergreen Uptown Village sold for a 4.3% cap rate at $238,975 per unit or $160 per square foot.

Jay Weiner of Rosewood Realty Group represented both the buyer, West Shore, and the seller, Evergreen Residential, LLC.

The three-story, 478,542-square-foot property was built in 2004 and includes 7,700 square feet of retail space on the ground level, with a hair salon and a vacant restaurant, and 450 outdoor parking spots.

“The seller completed a beautiful $6 million value-add play over the last three years but kept plenty of meat on the bone allowing the buyer, West Shore, room to execute on their own value-add plan,” said Weiner.

 This sale represents the 81st closed transaction over the last year for Rosewood, a New York City-based commercial real estate investment sales firm.