OCALA, Fla., December 4, 2018 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Jordan Court, a 48-unit apartment property located in Ocala, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,000,000.
The buyer, a private investor, was secured and represented by Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office.
“Our client was in a 1031 exchange looking for a property with upside potential to increase cash-flow compared to his downleg property. Through all of our resources, we discovered Jordan Court which fit his search criteria perfectly. The buyer was attracted to the immediate upside in rental income which was readily available due to the property having most of the non-income producing improvements completed. Therefore, it created a perfect opportunity for our buyer to step right in and immediately increase cash-flow,” said Tombrink.
Jordan Court Apartments is a multifamily property located in Ocala, Florida. It consists of 48 two-bedroom/one-bathroom units averaging 771 square feet, spread out amongst 12 concrete block buildings on 4.81 acres. With all new HVAC units and the majority of windows replaced, it allows the new owner to come in and implement a strategic interiors improvement program to dramatically increase rental rates. Jordan Court is conveniently located near most of the economic demand drivers in a growing MSA with low historical deferred maintenance.
Jordan Court is located at 101 NW 23rd Place in Ocala, Fla.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com