Press Releases
Marcus & Millichap Brokers Sale of a 112-Unit Multifamily Portfolio for $15,475,000
May 24, 2023
OCALA, Fla., May 24, 2023 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of three-property multifamily portfolio in Ocala, Florida: 14th Street Townhomes, a 24-unit property built in 1981; Briarwood Apartments, a 56-unit property constructed in 1973; Oak Crest Villas Ocala Apartments, a 32-unit property built in 1973. The portfolio, totaling 112 units, sold for $15,475,000.
“This transaction speaks to the current challenges the Florida commercial real estate market faces due to the state’s troubled property insurance market,” said Jason Hague, first vice president investments. “This complex deal experienced an extended due diligence period as the buyer’s insurance premium doubled in the span of 60 days. With the help of all parties, the property still traded at an impressive price per unit despite market hurdles and the vintage state of the asset.”
Hague and Ned Roberts, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Red Knight Properties LLC, and procured the buyer, RJC Legacy Investments LLC.
The three properties are located within seven miles of one another and offer a range of one-, two-, and three-bedroom unit mixes. Located near Interstate 75, residents benefit from a short commute to major employment centers including Chewy, Amazon, AutoZone, and FedEx.
“This transaction speaks to the current challenges the Florida commercial real estate market faces due to the state’s troubled property insurance market,” said Jason Hague, first vice president investments. “This complex deal experienced an extended due diligence period as the buyer’s insurance premium doubled in the span of 60 days. With the help of all parties, the property still traded at an impressive price per unit despite market hurdles and the vintage state of the asset.”
Hague and Ned Roberts, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Red Knight Properties LLC, and procured the buyer, RJC Legacy Investments LLC.
The three properties are located within seven miles of one another and offer a range of one-, two-, and three-bedroom unit mixes. Located near Interstate 75, residents benefit from a short commute to major employment centers including Chewy, Amazon, AutoZone, and FedEx.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. 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 clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
