Cushman & Wakefield arranges sale & acquisition of Promenade at Ocala in Central Florida

Promenade at Ocala
Cushman & Wakefield arranged the sale and acquisition of the Promenade at Ocala, a 241-unit multifamily community located at 1421 SW 27th Ave.

Cushman & Wakefield announced that the commercial real estate services firm has arranged the sale and acquisition of the Promenade at Ocala, a 241-unit multifamily community located at 1421 SW 27th Ave.

Mike Donaldson and Nick Meoli of Cushman & Wakefield represented both the seller and buyer in the transaction. The property was sold by Pensam Capital, LLC and acquired by R.O.I Capital Group. Denny St. Romain, Charles Crapse and Alex Kupp of Cushman & Wakefield arranged the buyer’s financing.

“Promenade at Ocala is a unique asset due to its unit mix of 90 percent four-bedroom floor plans,” says Donaldson, Executive Managing Director with the Florida Multifamily Investment Sales Team at Cushman & Wakefield. “The property has benefited from the dearth of available four-bedroom market-rate floor plans in the Ocala submarket. We typically see four-bedroom floor plans in student housing space, but in this instance the subject property caters typically to families in the area.”

Originally built as a tax credit community that has since converted to market-rate, Promenade at Ocala is a 315,646-square-foot property that offers a competitive advantage through a rare unit mix and oversized floor plans. Units at the property average 1,300 square feet and are comparable to a single-family home. Amenities include a lake with a fountain and lakeside picnic pavilion, a playground, an outdoor dog park, a clubhouse with a community room and two swimming pools with sundecks.

The property provides an excellent value-add opportunity through future interior and exterior enhancements like the addition of in-unit washer and dryers, stainless steel appliances, brushed nickel plumbing and lighting fixtures and modern vinyl plank flooring throughout common areas.

“Under new ownership, the property will be rebranded as the Morgan at Ocala and will undergo significant improvements,” added Meoli, Executive Managing Director with Cushman & Wakefield’s Florida Multifamily Investment Sales Team. “The community is set to be the premier housing option in Ocala for families and residents seeking larger size units. We continue to see more demand for these types of units due to the pandemic and ‘work from home’ becoming more widely adopted.”

R.O.I. Capital Group, founded and led by Noam Avrahami, Shay Atiya and Shay Milch, has multiple investments in Florida and has a total of $414 million in assets under management, focused on the United Kingdom, Texas and Florida.