3461 SW 2nd Avenue Gainesville FL
The seller of the apartment complex had purchased the asset about 18 months prior. The intentions were to value-add through remodeling, change the management, and market the asset exclusively to professionals. The owner planned to hold the asset for 3-5 years. Beau Beery, of the Beery Rainsberger Group, believed there was enough value already created by the investment of several million dollars and the great improvement in the occupancy rate. Plus, Beau was keenly aware that the property was in a great area for student housing and there was very high demand for student housing in Gainesville. Beau convinced the owner to cash out if he could deliver the right price.
The owner didn’t want to publicly advertise the asset. Fortunately, Beau knew of several highly qualified potential buyers looking to place capital in the Gainesville market. He needed to carefully select the party with the right skill and experience to get to closing. Beau found just that buyer and presented an offer with a price and terms that were very attractive to the seller.
The transaction had numerous challenges which required several extensions to both the due diligence and closing periods. The sale hinged on the sheer grace, determination, and willingness of the seller to get a difficult deal closed, along with Beau’s experience and ability to keep all parties cool and pointed in the right direction. The deal eventually closed to the delight of all.
My initial plan was to complete all renovations on the property, inside and out, and sell after 3+/- years. After a few conversations with Beau, we determined that because the location was so excellent, and the demand for student housing this close to UF was so high, we could get our price now vs waiting another couple years and spending more on improvements. I rely on Beau’s knowledge of the market and he was spot on. He had a buyer in mind that wanted to convert the asset to a by-the-bed student project. The transaction had no shortage of drama along the way, as most deals do. But Beau was able to keep the parties focused on closing all while professionally conveying my needs to the buyers. There are a lot of brokers that sell apartments but there are few that you can say were a pleasure to work with in good times and bad. Beau is one of those few that we enjoy working with.
--Andrew G., Seller