A new multifamily firm has emerged in the Gainesville, Florida, market. Founder Doug Faron has launched Westlight Capital with the acquisition of a multifamily portfolio with 1,432 units. This marks the firm’s inaugural acquisition and underscores its focus on high-growth and supply-constrained markets around the nation.
The firm brings more than $10 billion in transaction experience and a vertically integrated platform that spans acquisition, development, and asset management.
“Westlight Capital was founded to pursue compelling real estate opportunities with a long-term orientation and institutional-level rigor,” said Faron. “Launching the firm with the acquisition of a sizable, well-located portfolio in Gainesville reflects our conviction in the market’s fundamentals and our belief in creating value through focused execution. We are excited to formally introduce Westlight and begin this next chapter of growth.”
The Gainesville portfolio comprises six communities located near major employment drivers, universities, and regional infrastructure. According to Westlight, this transaction aligns with its strategy of identifying underperforming assets in strategic markets and enhancing value through data-driven deal selection, disciplined execution, and institutional asset management. CBRE’s Jubeen Vaghefi and Denny St. Romain represented the seller and arranged the $162 million loan for the acquisition.
Gainesville is a supply-constrained market that touts a diverse economic base, anchored by the University of Florida, leading health care systems, and strong population and employment growth. According to Westlight, the portfolio is positioned to benefit from strong demand and long-term demographic tailwinds, aligning the investment with the firm’s risk-adjusted return objectives.
Moving forward, the firm plans to evaluate opportunities across asset classes, including repositioning existing properties as well as ground-up development, with multifamily as the core focus.