OCALA, Fla., October 3, 2021– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 99-unit, contiguous three-property portfolio situated in the heart of Ocala, Florida, according to David G. Bradley, regional manager of the firm’s Tampa office. The combined asset sold for $11,350,000.
The three multi-family properties include Ashley Court, a 33-unit apartment property located at 2281 NE 2nd St, Ocala, FL; Azalea Garden, a 34-unit apartment located at 2311 NE 2nd St, Ocala, FL; and Regency Apartments, a 32-unit apartment located at 2205 NE 2nd St, Ocala, FL.
Jason Hague, Adam Podbelski, and Ned Roberts, investment specialists of the RPH Multifamily Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Hague, Podbelski and Roberts.
“This was another three-property portfolio we closed in Ocala in the span of two weeks,” said Hague. “It was a unique closing in that the buyer had to simultaneously assume two separate agency loans while also closing a new loan for the third, unencumbered property. We successfully overcame numerous hurdles associated with the assumptions and ultimately closed at a record-breaking price per unit for under 150-unit properties in Marion County.”
All three properties offer a unit mix of one- to two-bedroom units. Amenities featured on the properties include two swimming pools, two on-site laundry facilities, washer/dryer connections in every unit at Ashley Court, a leasing office, and ample green space to add additional outdoor amenities.
The subject properties are located just ¼ mile north of the major thoroughfare, East Silver Springs Boulevard (SR40), which houses much of the retail, entertainment, and restaurants in the immediate area.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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.