The Real Deal Miami

A 15-year-old rental complex in Ocala trades for $133,000 per unit

Grand Reserve Apartment Homes was 93.9 percent occupied when The Collier Companies of Gainesville and a partner bought the property for $35 million
November 18, 2018 01:30PM

Grand Reserve Apartment Homes in Ocala

Jay Ballard

A 263-unit apartment complex in Ocala sold for $35 million, or $133,000 per unit.

The 15-year-old property, Grand Reserve Apartment Homes, was 93.9 percent occupied when the sale closed.

Built in 2003, Grand Reserve Apartment Homes is a cluster of one- and two-story residential buildings.

Ken Delvillar

The average size of the Ocala property’s one-, two- and three-bedroom apartments is 1,031 square feet, and their average market rent is $1.03 per square foot.

Nashville-based Carter-Halston sold the apartment complex to a partnership of Houston-based ApexOne Investment Partners and The Collier Companies of Gainesville.

Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily Team represented the seller in the transaction. – Mike Seemuth