Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Paddock Apartments, an 85-unit multifamily property, in Ocala, Florida. The asset sold for $11,220,000.
Paddock Apartments feature one- and two-bedroom units complete with washers and dryers, private patios, and walk-in closets. Located near the College of Central Florida. Also feature amenities like a fitness center and tennis court.
“After generating significant interest during the marketing period, during which we brought the seller 15 offers by the CFO date, we ultimately chose a buyer we believed had the highest probability of closing in today’s challenging market,” says Jason Hague, senior vice president investments. “While we navigated several hurdles along the way, the buyer group, in conjunction with the RPH team, came up with creative solutions to get the deal to the closing table.”
Hague and Ned Roberts, CCIM, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Red Knight Ocala Paddock, and procured the buyer, Paddock Apartments 85.
Comprising 19 buildings, it features a mix of one- and two-bedroom apartments. Ocala ranked fifth among the “Fastest-Growing Places” in the United States and experienced a net migration of nearly 10% from 2014 to 2018. The city has emerged as a logistical hub, hosting distribution and logistics centers for major companies such as Chewy, AutoZone, FedEx, and Amazon.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
