Press Releases
Marcus & Millichap Facilitates $11.22 Million Sale of Multifamily Property in Ocala Florida
August 22, 2024
OCALA, Fla., August 22, 2024 – 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, an 85-unit multifamily property, in Ocala, Florida. The asset sold for $11,220,000.
"After generating significant interest during the marketing period, during which we brought the seller 15 offers by the CFO date, we ultimately chose a buyer we believed had the highest probability of closing in today’s challenging market," says Jason Hague, senior vice president investments. "While we navigated several hurdles along the way, the buyer group, in conjunction with the RPH team, came up with creative solutions to get the deal to the closing table."
Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Red Knight Ocala Paddock, and procured the buyer, Paddock Apartments 85.
The multifamily property, located at 1900 SW 31st Ave., is less than a mile from Interstate 4, the College of Central Florida, and Paddock Mall. Comprising 19 buildings, it features a mix of one- and two-bedroom apartments. Ocala ranked fifth among the "Fastest-Growing Places" in the United States and experienced a net migration of nearly 10% from 2014 to 2018. The city has emerged as a logistical hub, hosting distribution and logistics centers for major companies such as Chewy, AutoZone, FedEx, and Amazon.
"After generating significant interest during the marketing period, during which we brought the seller 15 offers by the CFO date, we ultimately chose a buyer we believed had the highest probability of closing in today’s challenging market," says Jason Hague, senior vice president investments. "While we navigated several hurdles along the way, the buyer group, in conjunction with the RPH team, came up with creative solutions to get the deal to the closing table."
Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Red Knight Ocala Paddock, and procured the buyer, Paddock Apartments 85.
The multifamily property, located at 1900 SW 31st Ave., is less than a mile from Interstate 4, the College of Central Florida, and Paddock Mall. Comprising 19 buildings, it features a mix of one- and two-bedroom apartments. Ocala ranked fifth among the "Fastest-Growing Places" in the United States and experienced a net migration of nearly 10% from 2014 to 2018. The city has emerged as a logistical hub, hosting distribution and logistics centers for major companies such as Chewy, AutoZone, FedEx, and Amazon.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
