A Miami-based firm bought a 152-unit apartment building in Gainesville for $9.5 million or $62,500 per unit.
DB Capital Partners LLC bought Fox Hollow Apartments with $7.68 million of acquisition financing from Walker & Dunlop LLC. DB appointed Jacksonville-based Michaelson Group as the manager of the apartment property.
The new owner plans to upgrade the interiors of the one- and two-bedroom apartments at Fox Hollow by installing granite counter tops and stainless steel appliances. DB also plans improvements to exterior lighting, signage and landscaping and swimming-pool upgrades.
Fox Hollow is located at 7301 West University Avenue in Gainesville near Celebration Pointe, a multi-use development spanning more than one million square feet, with restaurants, entertainment venues, retail stores, office space and residential units.
DB is owned by Miami attorney and real estate investor Luis Delgado and George Befeler, founder and CEO of Befeler Group, a privately held real estate investment firm in Miami.