Lakewood Villas

Lakewood Villas is a 210-unit, garden-style multifamily community in southwest Gainesville and one of six assets in a 1,432-unit portfolio that Westlight Capital acquired in January 2026 from the family of the original developer at a blended 6.75% going-in yield and a 50% discount to replacement cost. Built in 1984 across 24 buildings on 38 acres, the property is within three miles of more than 2.5 million SF of retail, including The Oaks Mall and Publix-, Target- and Whole Foods-anchored centers. Westlight's business plan is to optimize operating expenses, increase ancillary income, renovate the units and improve the common areas and amenities. The asset is currently operating ahead of its underwritten business plan, and Westlight believes there will be further accretion to returns from selling the six communities individually rather than as a portfolio.