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

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

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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