MIAMI, Oct. 17, 2017 /PRNewswire/ — DB Capital Partners LLC (DB), a privately-held real estate investment company based in Miami, Florida, has completed its acquisition of Fox Hollow Apartments, a 152-apartment building located in Gainesville, Florida. Fox Hollow Apartments is situated on nine acres of urban core and features one- and two-bedroom units, 76% of which are two-bedroom units. The acquisition closed October 6, 2017.
The purchase price was $9.5 million of which $7.6 million was financed by Walker & Dunlop LLC. The property will be managed by Michaelson Group, a real estate management company headquartered in Jacksonville, Florida. The transaction was brokered by Marcus & Millichap.
DB plans to implement interior upgrades including granite countertops and stainless-steel appliances as well as improved flooring, cabinetry and hardware. Exterior renovations will focus on lighting, signage, landscaping and pool upgrades.
“We are confident in the strength of the Gainesville market and are excited to have found a great value-add opportunity at a current high cap rate and at such great location,” said George Befeler, a principal of DB and CEO of The Befeler Group. “Fox Hollow is well-located relative to many daily conveniences, transportation options and employment opportunities.”
Fox Hollow Apartments is located at 7301 West University Avenue, Gainesville, Florida 32607, a few minutes from Celebration Pointe, one of the largest multi-use developments in North Florida comprised of more than one million square feet of dining, entertainment, shopping, class A office space, hospitality, luxury apartment homes and town homes.
DB is headquartered in Miami, Florida and is owned by Luis Delgado and George Befeler of The Befeler Group. DB continues to actively pursue additional opportunities throughout the State of Florida. The firm will continue to target strategic value-add apartment building deals that are below the institutional radar, with the intention of generating above-market returns. George Befeler and Luis Delgado bring DB over 60 years of experience in purchasing, repositioning and selling multifamily assets.
George Befeler is the founder and CEO of The Befeler Group, a privately held real estate investment firm based in Miami, Florida, that focuses on acquiring and managing multifamily and office properties with strong real estate fundamentals. The Befeler Group has owned and managed multiple multifamily and office properties within the State of Florida for over 40 years.
Luis Delgado is a Miami based attorney and real estate investor and is an active multi-family investor throughout the State of Florida.
SOURCE DB Capital Partners LLC