The Real Deal Miami

BankUnited finances $20.2M acquisition of Gainesville rental complex

The buyer got a $16.9 million loan from the Miami Lakes-based bank, including $15 million at closing and $1.9 million for future renovation work
June 17, 2018 03:30PM

The Aviara apartment complex in Gainesville (Credit: GatorRentals.com)

Miami Lakes-based BankUnited financed the $20.2 million acquisition of a 242-unit apartment complex in Gainesville.

The buyer, New York City-based Beachwold Residential, got a $16.9 million loan from BankUnited, including $15 million at closing and another $1.9 million for future upgrades to the apartment complex, called Aviara. Berkadia arranged the BankUnited loan on behalf of Beachwold.

The seller, Read Property Group, paid $5.3 million in 2013 to buy Aviara from Colony Capital, which had repossessed the property through foreclosure in 2012.

Aviara is at 205 Southeast 16th Avenue in Gainesville, about two miles from the city’s downtown area and the University of Florida campus.

The rental property has one-, two- and three-bedroom apartments ranging in size from 613 square feet to 1,783 square feet.

Common-area amenities include two swimming pools, laundry facilities, a business center, tennis court, volleyball court and gym. [Multi-Housing News] – Mike Seemuth