The Real Deal Miami

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
October 21, 2018 01:00PM

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