Cascades Luxury Apartments, a $14 million luxury apartment community in Gainesville, FL, closed the deal on its construction financing and broke ground on March 22nd.
Spearheading the project is Trimark Properties, a prominent real estate development company in the college town specializing in apartments in Gainesville, FL. They have partnered with D.E. Scorpio Corp. and Fugleberg Koch Architects for the venture, which is expected to be ready for tenants in July of 2018.
“The market for luxury student housing in Gainesville is in its prime,” said John Fleming, Managing Partner, Trimark Properties. “The university and the city are quickly growing, and there’s been a continuous demand for more upscale living options. Trimark’s aspiration has always been to provide high-quality student housing near the University of Florida campus and other popular local areas so our residents can enjoy a convenient and satisfying lifestyle balance between their studies and experiencing the Gainesville culture.”
The building will be located walking distance to the University of Florida campus, between downtown Gainesville and the college’s Sorority Row. To balance out the market’s current product mix, Cascades will comprise of mostly studio and one-bedroom units, although the complex will offer some two-, three- and four-bedroom floorplan selections. Prices will range from approximately $1,000 to $3,000.
The apartment community will stand five-stories tall and comprise of 67 units. Its design will be similar to that of an ultramodern resort, with marine-influenced accents incorporated in both its exterior architecture and amenities. The outside of the building will feature an underwater-inspired wall mural by designer Alex Turco, while the interior units will include kitchens with electric wine coolers and stainless steel appliances. Amenities include a rooftop deck with a fire pit and a veranda with a lounging fountain and garden.
Cascades will be the fourth new multifamily and sixth overall project completed in the past four years by Trimark Properties, who holds both multifamily and commercial divisions. Construction is also currently underway for the company’s newest commercial building, Ingenuity, which will boast over 50,000-square-feet of luxury office space. Trimark Properties is the thirty-five-time winner of the Gainesville City Beautification Award.