The Drotos Ryals Team of Colliers International in Gainesville has facilitated the $6.75 million sale of a 300-unit multifamily site at Newberry Park, located at 12019 W. Newberry Road in Gainesville.
Dan Drotos, Rory Causseaux and Mike Ryals represented the seller, Parkwood Alachua Land Investments, Inc. in the transaction. The property will be used for the development of Newberry Park, a 300-unit multifamily project that is anticipated to break ground before the end of 2019.
The development was approved under Alachua County’s Traditional Neighborhood Development (TND) ordinance. Located between the Oaks Mall and I-75 trade area in west Gainesville and the affluent Jonesville/Tioga suburb to the west, this property is ready for development and includes all utility connects, off-site stormwater and internal parking and road systems. The property has also been approved for up to 150,000 square feet of commercial development.
“Gainesville’s multifamily market has grown at a rapid pace in recent years, as changing dynamics in the housing market have created demand for more upscale, walkable, mixed-use housing options,” said Drotos. “Newberry Park will provide unique amenities in the growing Jonesville submarket, which Gainesville’s multifamily market has not seen before.”