Florida multihousing community sells for $70.6 million

JLL Capital Markets arranged the sale, the acquisition financing and the preferred equity for the 263-unit Grand Reserve Apartment Homes in Ocala, Florida

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Grand Reserve Apartment Homes
JLL closed the $70.6 million sale for Grand Reserve Apartment Homes, a 263-unit, two-story, value-add multihousing community in Ocala, Florida.

JLL Capital Markets announced that it has closed the $70.6 million sale and arranged the debt and equity financing totaling $65 million for Grand Reserve Apartment Homes, a 263-unit, two-story, value-add multihousing community in Ocala, Florida.

JLL represented ApexOne Investment Partners in arranging the sale to the buyer, JT Capital. JLL also represented JT Capital in securing the debt financing with a Life Insurance Company and arranged the institutional equity for the acquisition.

Built in 2003, the 19-builidng Grand Reserve Apartment Homes feature one-, two- and three-bedroom units with an average size of 1,072 square feet. Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless-steel appliances. Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, a fire pit, a 24-hour fitness center, a business center, a children’s playground and direct access garages.

“Our team at JT Capital has been very selective in pursuing high-quality assets in the current market environment. We believe the fundamentals in Ocala along with a great property in Grand Reserve will drive increased value to the JT Capital portfolio”, said Rohun Jauhar, Partner with JT Capital.

Located at 3001 SW 24th Ave., Grand Reserve allows access to NW 27th Avenue as well as Interstate 75 for easy connectivity throughout the Central Florida. The property is less than four miles from Historic Downtown Ocala, which includes multiple boutiques, sidewalk cafes and restaurants, the Downtown Farmer’s Market and a vibrant art scene. Additionally, the community offers proximity to major employers, retail and entertainment, including walkability to the Paddock Mall.

The JLL Capital Markets Team representing the seller was led by Managing Director Ken Delvillar. Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets Debt and Equity Advisory Team representing the borrower.

“Grand Reserve represents the ideal opportunity for JT Capital to implement their value-add initiatives in expanding on the work that was already started by ApexOne and continuing the robust organic growth being experienced at the property and throughout the MSA” said Delvillar.

“We were delighted to not only find JT Capital a capital structure that suited their goals but also work with the whole team that made this acquisition a reality,” Quinn added. “In addition to the institutional equity investment, the financing package we brought included a non-recourse, interest-only floating rate loan with an interest rate cap.“

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.