Rosewood Realty Group Brokers $77M Sale of Gainesville Multifamily
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.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.