4117 SW 20th Ave, Gainesville, FL
Addison Lane was in a solid B location but had several physical limitations that needed to be addressed in order to take advantage of its location. The single story community was built in the late 1970s, had wall HVAC units, the roofs needed replacing, 90% of the units needed total updating to the interiors, the exteriors needed painting, and both pools needed updating. The good news was that of the 10% of units that had already been fully updated on the interior achieving 30% rental increases. The seller was the original developer of the property and was ready to take advantage of the hot market for his labor intensive asset.
The seller was referred to The Beery Rainsberger Group (BRG) by an investor Beau had worked with. BRG compiled a targeted list of buyers who were known to have plenty of liquid capital for renovations, experience in full property updates, and who weren’t afraid to bring this property to its full potential.
After a number of conversations with a select group of well capitalized, very experienced known closers, BRG was able to secure an all cash buyer with a rather short inspection period who closed ahead of the contracted closing date.
We’ve owned this particular apartment asset since we finished construction in 1977. It has been a solid producer for us all these years. Our dilemma was whether we wanted to go thru another round of heavy capital expenditures to keep the asset performing in top shape, or take advantage of the record sale prices occurring in the market for value add opportunities. I knew if anyone could find a solid buyer for the apartments that would show up to closing with no funny games, it would be Beau Beery of The Beery Rainsberger Group. Beau’s reputation in the commercial investment sector is outstanding. While his market value knowledge and connections in the industry are noteworthy, I’m most impressed with Beau’s transparency, his accessibility at all times, and he’s just an easy guy to work with. I look forward to transacting with Beau and his team again.