Spyglass Apartments

Spyglass is a 268-unit, garden-style student housing 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 1988 across 38 buildings on 25 acres, the property serves the University of Florida and 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.