Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Oak Crest Villas, a 32-unit apartment property located in Ocala, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,850,000.
Joshua Teplitzky, Cameron Barbas, Michael P. Regan, Joseph P. Thomas and Francesco P. Carriera, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor and secured the buyer, a private investor.
“Oak Crest Villas represents the sale of an apartment community in which the Tampa and Fort Lauderdale office collaborated throughout the marketing and disposition of the asset,” says Teplitzky. The property was approximately 67% renovated and is currently achieving $150 monthly premiums for the upgraded floor plans,” added Teplitzky. “We continue to see buyer’s chasing yield as well as value-add assets from Central Florida into tertiary markets,” concluded Barbas.
Oak Crest Villas is an apartment community consisting of 16 single story buildings comprised of 32 two-bedroom and one-bathroom units which are 868 rentable square feet. The subject property is on approximately 6.18 acres of land. Since 2014, renovations totaling $259,000 were completed, including 22 units receiving recent improvements. Oak Crest Villas is located at 1641 Northeast 71st Street in Ocala, Florida.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com