Newmark Arranges Sale of Forest View, a 312-Unit Multifamily Community in Gainesville, Florida
Newmark has arranged the sale of Forest View, a 312-unit garden-style multifamily community located at 1000 SW 62nd Blvd. in Gainesville, Florida, the firm announced September 14, 2026.
Newmark Executive Managing Director Ryan Moody, Vice Chairman Scott Ramey and Director Eric Gfesser represented the seller, Coastline Management Group Inc., in the transaction.
Property Overview
Built in phases in 1994 and 1996, Forest View is a three-story garden-style community situated on approximately 31.74 acres. Units average more than 1,150 square feet, with floorplans ranging from two-bedroom to four-bedroom configurations. The property features a mix of classic and partially renovated units alongside an amenity package that includes two resort-style swimming pools, a fitness center, clubhouses with resident lounges and business spaces, package lockers, outdoor gathering areas and recreational amenities.
The community carries direct frontage along SW 62nd Boulevard and Interstate 75, providing regional connectivity throughout Gainesville. It sits less than five minutes from the University of Florida and within close proximity to UF Health Shands Hospital, HCA Florida Gainesville, HCA Florida North Florida Hospital and Santa Fe College. Nearby retail and entertainment destinations include Celebration Pointe, Butler Plaza and The Oaks Mall.
Repositioning From Student Housing to Market-Rate
The transaction follows a value-add repositioning executed by Coastline Management Group Inc. after acquiring the property in 2023. The sponsor invested nearly $6 million in capital improvements and transitioned the asset from student housing to traditional, market-rate leasing. The property completed its lease-up and achieved stabilization in December 2025, positioning it for a sale to a long-term holder.
Coastline's investor-facing materials indicate Forest View was targeted for approximately a 1.95x equity multiple, with the investment closing at an internal rate of return above the sponsor's 65% target, reflecting a short-duration value-add execution.
"Forest View's successful repositioning and strategic location near the University of Florida and major healthcare and employment hubs positioned the asset as an attractive investment opportunity," said Moody. "The transaction reflects continued investor demand for well-located multifamily communities in high-growth Florida markets."
Gainesville Market Context
Gainesville's multifamily fundamentals are anchored by the University of Florida, the nation's 17th-largest university with more than 57,000 students and over 27,800 employees. The population within a one-mile radius of Forest View has increased approximately 28% since 2010, according to ESRI data cited by Newmark, supporting sustained demand for rental housing in the submarket. The Gainesville multifamily vacancy rate stood at approximately 9.0% as of the third quarter of 2025, indicating Forest View's stabilization placed it ahead of broader market averages.
Forest View's trade reflects a broader trend of investors converting well-located, student-oriented assets near major universities into larger-unit, market-rate communities as enrollment growth, healthcare employment and regional population increases support non-student rental demand.
About the Firms
Newmark Group, Inc. (Nasdaq: NMRK) is a commercial real estate advisory and services firm. For the twelve months ended June 30, 2026, Newmark generated revenues of more than $3.6 billion. As of that date, Newmark and its business partners operated from over 195 offices with more than 10,000 professionals across four continents.