Westlight Capital, a newly established private real estate investment firm, has announced its inaugural acquisition, purchasing a substantial six-property, 1,432-unit multifamily portfolio in Gainesville, Florida, for $162 million. This significant transaction marks a strong debut for the West Palm Beach-based company, which was founded last year by Doug Faron.
Key Takeaways
- Westlight Capital acquired a six-property, 1,432-unit portfolio in Gainesville, Florida.
- The total transaction value was $162 million.
- This acquisition represents the first deal for the newly formed Westlight Capital.
- CBRE represented the seller and arranged the acquisition financing.
Strategic Gainesville Acquisition
The portfolio comprises six apartment communities located in Gainesville, a vibrant city known for its strong rental market driven by the University of Florida and a growing job sector. The acquisition of 1,432 units provides Westlight Capital with a significant foothold in the Florida multifamily market.
Deal Facilitation and Financing
The transaction was facilitated by Jubeen Vaghefi and Denny St. Romain of CBRE, who represented the undisclosed seller. In addition to representing the seller, the CBRE team also arranged the $162 million acquisition loan for Westlight Capital, underscoring their comprehensive role in the deal.
Westlight Capital’s Debut
Founded by Doug Faron, Westlight Capital is a private real estate investment firm that aims to capitalize on strategic real estate opportunities. This Gainesville portfolio acquisition is the firm’s first major move since its launch, signaling its ambitious growth strategy and commitment to expanding its real estate holdings.
Sources
- Westlight Capital Buys Six-Property Florida Portfolio for $162 Million, Multifamily & Affordable Housing Business.