OCALA, Fla., Dec. 14, 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 Paddock Apartments, a 61-unit apartment property located in Ocala, Florida. The asset sold for $6,000,000.
“Paddock Apartments is a true ‘value-add’ opportunity for the buyer. They purchased the asset from a long-time client and owner who kept the property in great condition, yet completely unrenovated,” said Jason Hague, first vice president of investments. “The purchasing group plans to immediately conduct unit improvements and based on their recent acquisitions in the sub-market, they have a significant amount of runway to increase rents.”
Hague, Adam Podbelski, and Ned Roberts 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 connected to Lester Smith. The buyer, Red Knight Ocala Paddock, LLC, was secured and represented by the RPH Multifamily Group.
The 45,820-square-foot property consists of 13, two-story buildings featuring a mix of one- and two-bedroom units on a 4.08-acre lot.
Paddock Apartments is located at 1900 SW 31st Ave in Ocala, Florida. It is ideally situated near Paddock Mall, major retailers and local entertainment destinations including the Ocala National Forest, historic districts canopied by 100-year-old oak trees and golf course.
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.