64-bed complex is located three blocks from the University of Florida’s campus.
An affiliate of Quad Equities, a Florida and New York-based real estate investment company, has acquired a 64-bed student-oriented apartment complex located at 1740 NW 3rd Place in Gainesville, Florida, three blocks from the University of Florida’s campus.
Jariel Bortnick, the founder and CEO of Quad Equities, said that the acquisition represented an exciting opportunity to create luxury townhouse-style apartments in a sought-after, supply-constrained location.
“This is a unique property for Midtown, as there is an extremely limited supply of four bedroom units in the area. Additionally, properties rarely change hands in that neighborhood. This particular property was owned by the same family for over 40 years,” Bortnick said.
Bortnick said that the company has already begun renovating the apartments into luxury townhouse units, complete with high-end kitchens and bathrooms, in-unit washer/dryers and faux wood flooring. The complex has also been re-branded as Third Place at Midtown.
“Gainesville is a market that we have worked in extensively over the past several years,” noted Bortnick. “Due to the complex’s excellent, walkable location and the shortage of four-bedroom units in Midtown, we are very confident in the property’s long-term potential.”
According to Bortnick, the company is actively seeking additional acquisitions in Gainesville.
