Thursday, October 6, 2016

Marcus & Millichap Brokers $645,000 Sale of 15-Unit Pennick Landing Apartments in Ocala, FL

Ned Roberts
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 Pennick Landing, a 15-unit apartment property located in Ocala, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $645,000.

Ned Roberts and Jason Hague, both associates, and Michael Donaldson and Nicholas Meoli, both vice president investments, all in Marcus & Millichap’s Tampa office, represented the seller, a private investor, and procured the buyer, a limited liability company. 

“The 1031-exchange buyer saw value in the Ocala market, they paid cash and closed on the property 17 days after putting it under contract,” says Roberts.

Pennick Landing sits on two contiguous parcels totaling approximately 1.39 acres located at 616 SE 11th Street in Ocala, Florida. The asset boasts an ideal unit mix of one and two-bedroom units with tile floors and dishwashers.

Four units are a 1984-built concrete block and wood frame quadruple and 11 units are located in a single concrete block building constructed in 1997. The area’s top employer, Munroe Regional Medical Center, employs 2,648 staff members and is just over one-half mile southwest of the community.

For a complete copy of the company’s news release, please contact:

Ari Ravi
Regional Manager, Tampa
(813) 387-4700

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