The Pavilion on 62nd, a student housing community with 312 units located at 1000 SW 62nd Blvd. in Gainesville, has recently sold for $35 million ($112,000 per unit). The seller was represented by Mike Donaldson of Cushman & Wakefield and the buyer was a joint venture between Coastline Management Group and RWW Gainesville.
According to Donaldson, the property offers great potential for value-add as most of its units are still classic in design and have not been updated in some time. The unit mix mainly consists of spacious four-bedroom floorplans designed for students. Additionally, the community boasts two large clubhouses, two swimming pools, indoor and outdoor basketball courts,volleyball courts,a movie theater,a study lounge,and separate cardio and weight training fitness rooms.
This recent transaction showcases the strong demand for student housing projects in Gainesville’s market.
