Ocala rental property fetches $49.7M

Built in 2006, the 328-unit apartment development had a 94% occupancy rate when Atlanta-based Cortland Partners sold it for $151,677 per unit

Miami /
Oct.October 21, 2018 01:00 PM

Interior view of a unit at Deerwood Village Apartment Homes in Ocala

A garden-style apartment property in Ocala sold for $49.7 million, or $151,677 per unit. Atlanta-based Cortland Partners sold the 328-unit property, called Deerwood Village Apartment Homes, to Boston-based Westshore LLC.

Deerwood Village had a 94 percent occupancy rate at the time of the sale.

Built in 2006, Deerwood Village has 40 two-story residential buildings with one-, two- and three-bedroom apartments with an average size of 1,015 square feet.

Monthly rents average $1,266 for Deerwood Village apartments, which feature full-size washers and dryers, granite counter tops and nine-foot or vaulted ceilings.

Common-area amenities at the property include a renovated clubhouse and leasing center, swimming pool, café, car care center, business center, nature trail and 24-hour gym.

Two members of Cushman & Wakefield’s multifamily property team in Florida, Jay Ballard and Ken Delvillar, represented Cortland Partners in its sale of Deerwood Village.

Westshore LLC financed its acquisition of the Ocala apartment property with a 10-year, $38.75 million Freddie Mac loan, according to Berkadia, which arranged the loan. [REbusinessonline.com]Mike Seemuth


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...