Colliers International team of Florida, California brokers closes sale of In the Pines Apartments
GAINESVILLE, Fla. (August 5, 2013) – After completing a national marketing campaign, a team of Colliers International brokers from Tampa Bay, Orlando and Los Angeles has sold a Gainesville multifamily value-add property called In the Pines Apartments for $5.3 million.
The brokerage team representing the seller, Colony Capital, LLC, included John W. Stone, CCIM, Principal and Managing Director of Multifamily Investment Services for Colliers International Tampa Bay; Greg Wilson, Director of Multifamily Investment Services for Colliers International Central Florida; George Pjevach, Director of Multifamily Investment Services for Colliers International Central Florida; and Kitty Wallace, Executive Vice President of Colliers International Los Angeles.
Colliers’ Los Angeles office worked with the Colliers brokers in Tampa Bay and Central Florida to market the property to multifamily buyers specifically interested in the Central Florida market. Through strategic Internet and e-mail marketing campaigns and personal communication, the opportunity was exposed to more than 6,000 contacts resulting in multiple offers.
WK Holdings, a New York-based private capital firm, responded to the marketing campaign and was selected as the purchaser as a result of the seller’s due diligence process. The property sold for $5.3 million, $21,900 per unit or $17.97 per square foot.
In the Pines Apartments brought in multiple offers thanks to its strong position as a value-add property. The buyer will have the ability to increase value by completing needed renovations and repositioning the property with increased rents.
“The property is in need of substantial renovations and presented the challenge of having a 28 percent occupancy rate at the time of sale,” said Stone. “This is a great investment opportunity for WK Holdings to make significant improvements and increase the tenant occupancy.”
The property, at 205 SE 16th Avenue in Gainesville, totals 294,860 square feet and consists of 242 one-, two- and three-bedroom apartments.
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