September 22, 2026
2021-Built 12-unit Apartment Building Sells for $155K/Unit and $216/SF in an All-Cash Transaction that Closed just 33-days after Contract Execution
The Multifamily Firm has completed the $1.86 million sale of Spring Village Apartments, a 12-unit multifamily property located at 2609 Landover Blvd in Spring Hill, Florida. Spring Village was originally built by the seller in 2021, making the transaction the culmination of an approximately five-year ownership cycle that began with development of the property and concluded with its eventual sale.
From Development to Disposition
Unlike many apartment sales involving properties that have changed hands multiple times, Spring Village was developed and operated by the same ownership group that ultimately brought it to market.
Completed in 2021, the property consists of 12 two-bedroom / one-bathroom apartments within a single two-story building on approximately 0.54 acres. The property contains approximately 8,620 square feet of living area and features central HVAC, stainless-steel appliances and in-unit washers and dryers.
The relatively recent construction helped distinguish Spring Village from much of the surrounding smaller multifamily inventory and provided ownership with the opportunity to take the property from ground-up development through several years of operation before ultimately monetizing the investment through a sale.
All-Cash Transaction Closes in 33 Days
The structure of the final offer was a meaningful component of the transaction.
The $1.86 million purchase was completed entirely in cash and closed just 33 days after contract execution, removing one of the most significant uncertainties that can accompany a financed multifamily acquisition: the financing contingency.
When a purchase is contingent on financing, the seller’s ability to close can ultimately become dependent on a third-party lender’s underwriting, appraisal, loan terms and willingness to fund. Even a qualified buyer may encounter changes in loan proceeds, debt-service requirements or other lender conditions that are outside the seller’s control.
That risk becomes particularly relevant in a financing environment marked by interest-rate volatility and upward rate pressure, where lending conditions can change during the course of a transaction.
An all-cash offer does not eliminate every transaction risk, but in this case it removed lender approval from the equation and, when combined with the abbreviated closing timeline, provided the seller with a much clearer path from contract execution to closing.
The structure of the final offer was a meaningful component of the transaction. The $1.86 million purchase was completed entirely in cash and closed just 33 days after contract execution, removing one of the most significant uncertainties that can accompany a financed multifamily acquisition: the financing contingency.
When a purchase is contingent on financing, the seller’s ability to close can ultimately become dependent on a third-party lender’s underwriting, appraisal, loan terms and willingness to fund. Even a qualified buyer may encounter changes in loan proceeds, debt-service requirements or other lender conditions that are outside the seller’s control.
That risk becomes particularly relevant in a financing environment marked by interest-rate volatility and upward rate pressure, where lending conditions can change during the course of a transaction.
An all-cash offer does not eliminate every transaction risk, but in this case it removed lender approval from the equation and, when combined with the abbreviated closing timeline, provided the seller with a much clearer path from contract execution to closing.
For multifamily owners evaluating competing offers, that distinction can be important. The highest headline price is not always synonymous with the strongest offer when differences in financing contingencies, diligence periods, buyer capability and closing certainty are taken into account.
Sale Completed During a Recovering Hernando County Multifamily Market
The transaction also occurred as the Hernando County multifamily market continued working through the effects of a significant wave of new apartment construction.
According to CoStar’s September 2026 Hernando County Multifamily Submarket Report, nearly 1,400 units were delivered during 2024 and 2025, contributing to a sharp increase in vacancy that peaked at 28.8% in late 2024. Since then, market conditions have improved substantially, with overall vacancy declining to approximately 12.6%.
Demand has also begun catching up with the recent supply expansion.
Hernando County absorbed approximately 447 units over the trailing 12 months compared with 143 units delivered, while the construction pipeline has now been depleted, with no multifamily units currently under construction.
The recovery remains incomplete, however. Asking rents are still approximately 1.2% below year-ago levels, and transaction activity remains relatively limited within the roughly 4,000-unit submarket.
Against that backdrop, the completion of an all-cash $1.86 million transaction at $155,000 per unit with a 33-day contract-to-close period provided a meaningful liquidity event for ownership while demonstrating continued buyer interest in well-positioned, newer-construction multifamily assets.
From Ground-Up Development to Successful Sale
For The Multifamily Firm, Spring Village was ultimately about helping an owner complete the final stage of an investment that began years before the property was ever listed for sale.
The seller had developed the apartment community from the ground up, operated it through its initial years and eventually reached the point where a disposition made sense. TMF’s role was to position that asset for the market and, when the right buyer emerged, evaluate not only the purchase price but the strength and certainty of the overall transaction.
“The cash component was a major strength of this deal,” said Kyle Keelan, Managing Partner of The Multifamily Firm. “In today's lending environment, even a good buyer can run into issues when a transaction is dependent on financing. Here, we had a buyer who could remove that variable and move quickly. Being able to go from an executed contract to closing in just 33 days gave the seller a high level of certainty and made for a very efficient transaction.”
The closing completed a roughly five-year journey for ownership — from building Spring Village in 2021 to ultimately transitioning the property to its next owner in 2026.
Thinking About Selling Your Multifamily Property?
Whether you developed your property, acquired it as an investment or have owned it for decades, The Multifamily Firm can help evaluate both its current market value and the structure of potential offers to determine the best path toward a successful sale.