Wednesday, September 28, 2016

Marcus & Millichap Arranges $1 Million Sale of 24-Unit Woodland Bend Apartments in Ocala, FL

Jason Hague
OCALA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Woodland Bend Apartments, a 24-unit apartment property located in Ocala, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,050,000.

Jason Hague, associate, Nicholas Meoli and Michael Donaldson, both vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  

The buyer, an individual/personal trust, was secured and represented by Hague, Donaldson and Meoli. 

Woodland Bend Apartments is a 24-unit, garden-style community located at 720 Northeast 30th Avenue in Ocala, Florida. The property is made up of five buildings in total that sit on approximately 1.91 acres.

The unit mix consists of 24 two-bedroom/one-bathroom units which are approximately 900 rentable square feet in size. Woodland Bend Apartments is situated one block north of East Silver Springs Boulevard, a major thoroughfare which sees over 25,000 cars daily.

Nicholas Meoli

“After one month of marketing Woodland Bend through our proprietary national platform, our team was able to generate five offers,” says Hague. “We ultimately closed on an all cash basis with an investor who was in a 1031 exchange.”

“Due to the high amount of activity that we received, we were able to guide the buyer to a quick 21-day closing in order to keep their offer competitive. 

"This transaction is a true indication of how active the current multifamily market is, even in tertiary markets such as Ocala,” concludes Hague.

For a complete copy of the company’s news release, please contact:
Ari Ravi
Regional Manager
Tampa, FL

(813) 387-4700

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