The Ravines - 16-unit Multifamily Community

Southwest Gainesville, Tower Road & Newberry Road corridorThe Ravines is a 16-unit multifamily community built in 2007, comprising 18,240 square feet on 1.74 acres and zoned R3. The asset is 100% occupied and offers a uniform floor plan across all units: two-story, townhouse-style two bedroom, two and a half bath layouts averaging 1,140 square feet, each with an in-unit washer and dryer, a private rear patio and yard, and ample surface parking. Interiors have been renovated and the 2007 construction date places the property well outside the deferred maintenance profile that defines most Gainesville apartment inventory of this size, where post-2000 product at 10 or more units is rare enough to be effectively unavailable. In-place rents average $1,538 per month and ownership represents $1,600 achievable on turnover with no capital required; an interior program of approximately $5,000 per unit for kitchen countertops and appliances supports rents of $1,750, a scope that pencils to roughly a 32% return on cost.