Bentwood Apartments
Closed6929 W University Ave, Gainesville, FL 32607
Property type
Multifamily
Unit / Space count
93
Price
Subject to Offer
Building size
49,536 sf
Rentable area
49,536 SF
Year built
1982
Year renovated
Occupancy
Zoning code
Lot size
5.00 Acres
Sold/status
Sold · Date unknown
Bedroom count
Property description
Bentwood Apartments is a 93-unit multifamily community located in Gainesville, FL - in Alachua county. The property is comprised of 11 one-story buildings that were built in 1982. Each building features wood frame construction with pitched asphalt roofs. The property features a strong unit mix that includes 20 Studio Apartments (288 SF), 67 1 Bed 1 Bath Units (576 SF) and 6 2 Bed 1 Bath units (864 SF). Bentwood Apartments is a quiet & serene community surrounded by nature and nestled beneath a canopy of lush native Florida trees. Residents enjoy a variety of amenities including on-site laundry facilities, private entrances, washer/dryer connections in select units, mail and package storage, private patios, storm doors, double-pane widows, laminate wood flooring, lighted attic storage and trash collection. Residents are only a short drive to shopping, award-winning schools, local museums, state parks and major employment centers, including the University of Florida. Bentwood Apartments offers an investor the opportunity to acquire an upgraded, stable, high occupancy asset in one of Gainesville’s most prime locations. North Florida Regional Medical Center (1.7 miles from property) is currently undergoing a $110+ million dollar expansion. Nearly 20% of current residents are employed in the Medical/Healthcare industry and their annual income vs annual rent spend is between 5%-20% compared to the average norm of 25%-30%. This could be a positive indicator of the current & future medical residents’ ability to absorb further rent increases, resulting in a profitable opportunity for an investor.
Property highlights
- Stable Asset with Low Historic Turnover
- Gainesville Experiencing Rapid Growth & Major Job Increases
- Located 4.8 Miles From the University of Florida - Ranked 7th-Best Public University in the US & 8th-Largest Public University in the US with Over 54,000 Students Enrolled in the Fall 2018 Semester
- Hospital (Within 2 Miles) is Undergoing a $110+ Million Dollar Renovation/Expansion, Creating Over 100 New Jobs in the Next 5 Years & Increasing the Need for Nearby Housing
- UF Health Opening a 139,000 SF Medical Facility at the Oak’s Mall (Within 2 Miles) in Early 2020 - Expected to Bring Over 70 New Jobs to the Area
- Nearly 20% of Current Residents Are Employed in the Medical/Healthcare Industry & Would Have the Ability to Absorb Further Rent Increases Based On Their Annual Income vs Annual Rent Spend
- Lack of Workforce Housing in Gainesville Leading to Strong Rent Growth
- Assumable Financing in Place