Atlanta-based Zavala Capital sold the Cielo at Lanier Apartments in Gainesville to Magnitude CRE Capital Advisory principal Ryan Haase for $9.1 million.
The 66-unit, garden-style community, was built in 1985 and is located at 3656 Browns Bridge Road.
Banyan plans to continue interior renovations of the one- and two-bedroom units. The community features a pool.
Taylor Brown and John Topping Jr. of GREA managed the sale.
“The proud new owners of Cielo Lanier will enjoy owning a 1980s-built asset in a heavy growth corridor,” said Taylor Brown, managing director at GREA. “Gainesville has experienced booming population growth over the last decade, and there is a big demand for upgraded units.”