Ryan Hanks Of Madison Communities Acquires Gainesville Multifamily Property From LCA Development For $39.5M

The property asset involved in the transaction is a multifamily development located at 7000 Southwest 91st Street in Gainesville. The sale price for this 172-unit property was $39,500,000. Built in 2023 and currently 96% leased, this property is noted as Gainesville’s only stabilized build-to-rent community, spanning across 24 acres and situated near significant employers, including UF Health and HCA.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $39,500,000
• Buyer: Ryan Hanks - Madison Communities
• Seller: LCA Development
• Units: 172
• Price Per Unit: $229,651
• Construction Loan Amount: $26,200,000
• Financing Institution: Greystone

Ryan Hanks represented Madison Communities in the acquisition, marking their first investment in a build-to-rent asset. The transaction involved a construction loan assumption from LCA Development, indicating a strategic investment in the Gainesville real estate market.