The Earl

344 Units | Built In 1986/2004 | Centrally-Located Asset Alongside I-75 With Value-Add Potential | Gainesville, FL

Sign the C.A.

The Opportunity

IPA is pleased to present The Earl (the “Property”), a three-story, garden walk-up multifamily property located in Gainesville Florida.

The property consists of 344 total units, spread across two phases – Phase 1 features 178 units (1986 YOC), and Phase 2 (2004 YOC) featuring 166 units. The Earl is comprised of studios, one-, two- and three-bedroom apartments with a variety of scope levels ranging from classic to partially-renovated condition, with 100% of units still available for additional future upgrades. Prospective buyers benefit from the opportunity that this asset is available below replacement cost. Additionally, The Earl is located within central Gainesville – within 5 miles of 105K jobs, 3-miles of 8.4MM SF of retail space, and the massive University of Florida campus (#7 Public University in U.S.) with 33K employees and 61K+ Students.

The Earl features a varietal amenity-set such as two resort-style pools with two hot tubs, BBQ pavilion, basketball court, pet park, and 24-hour fitness center. It is strategically situated with frontage alongside I-75, and accessed via SW 32nd Blvd; thereby benefiting from a collective 111K vehicles passing each day – and providing quick access to area employment and retail. The Oaks Mall (100+ stores) is located within walking distance, with The Butler Town Center (2.5MM SF retail) and Celebration Pointe (1MM+ SF) each located within 3 miles of the subject. Medical options nearby include the Shands Medical Complex with 13,474 local jobs, and the UF Innovation District, which specializes in fostering innovation and entrepreneurship for the MSA. Gainesville is poised for future growth with an anticipated 2.7% rent growth in 2025 and 3.2% each subsequent year through the end-of-the-decade.

Key Investment Highlights

Additional Upside Potential – 100% of units are still available for future upgrades – current scope levels range from classic condition to partially-renovated condition, with upgrades including granite countertops, vinyl-plank flooring and stainless-steel appliances

Modern Amenity Package including 2 resort-style pools with expansive sundeck, two hot tubs, BBQ pavilion, basketball court, mature landscaping, pet park, and 24-hour fitness center

Current Ownership Has Invested ~$650K in common area improvements – ranging from exterior painting, landscaping, signage upgrades, lighting upgrades, dog park upgrades, siding/soffit/fascia repairs, and more

Limited Future Pipeline & Supply – 555 units (2 communities) delivering in 2025 – with no future market-rate communities under construction in the Gainesville MSA

105K Jobs within 5-mile radius of subject

Superior Visibility & Access – Subject benefits from 111K collective vehicles passing each day via its direct frontage alongside Interstate 75 and access via SW 32nd Blvd – which serving as a connector with Newberry Rd (0.6 miles) northward and I-75 on-ramp within five minutes

Ample Retail & Entertainment Options – 8.4MM SF of Gainesville’s most desirable retail-options – featuring the Oaks Mall (walking distance), and Butler Retail Plaza, Celebration Pointe and more within (3-mile radius)

24% Rent-To-Income Ratio based on $1,643 market comparables average