Westlight Buys 1,400-Unit Florida Portfolio
Ladder Capital provided a $162 million acquisition loan.
Westlight Capital has closed its first acquisition, a six-community, 1,432-unit multifamily portfolio in Gainesville, Fla.
CBRE represented the seller and arranged a $162 million loan on behalf of the buyer. Ladder Capital provided the debt, Commercial Observer reported.
The Gainesville portfolio comprises six properties located near major employment hubs, universities and key regional infrastructure. The acquisition aligns with Westlight Capital’s strategy of identifying underperforming assets in high-growth markets.
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The 300-unit Hunters Crossing is one of the assets that traded. Completed in 1995, the 18-building community is at 4830 NW 43rd St., some 7 miles from the city center and 8 miles from Gainesville Regional Airport.
The property comprises one-, two- and three-bedroom floorplans ranging from 825 to 1,351 square feet. Common-area amenities include a fitness center, volleyball and basketball courts, a playground, a swimming pool and spa, as well as a recreation room and an outdoor kitchen.
CBRE Vice Chairmen Jubeen Vaghefi and Denny St. Romain represented the seller and arranged the financing.
North Central Florida multifamily prices drop
North Central Florida’s multifamily sales in 2025 totaled $304.2 million from the 17 communities—2,470 units—that changed hands, Yardi Matrix data shows. This marks a slight increase from the $266.3 million registered in 2024, when nine assets—1,295 apartments—were sold. However, the average price per unit considerably dropped year-over-year, from $252,423 in 2024 to $143,913.
One of the 17 properties that traded last year was The Village at Gainesville, a 639-unit senior housing community. Fortress Investment Group acquired it through funds managed by its affiliates and assumed the in-place financing.
