Marcus & Millichap Arranges $3 Million Sale of 48-Unit Jordan Court Apartments in Ocala, FL

Miles Tombrink

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 Jordan Court, a 48-unit apartment property located in Ocala, Fla., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $3,000,000.

  The buyer, a private investor, was secured and represented by Miles Tombrink, Casey Babb, CCIM, Luis Baez, CCIM, and Shawn Rupp, investment specialists in Marcus & Millichap’s Tampa office. 

“Our client was in a 1031 exchange looking for a property with upside potential to increase cash-flow compared to his downleg property,"  said Tombrink.

Casey Babb

"Through all of our resources, we discovered Jordan Court which fit his search criteria perfectly. 

"The buyer was attracted to the immediate upside in rental income which was readily available due to the property having most of the non-income producing improvements completed.

"Therefore, it created a perfect opportunity for our buyer to step right in and immediately increase cash-flow.”

It consists of 48 two-bedroom/one-bathroom units averaging 771 square feet, spread out amongst 12 concrete block buildings on 4.81 acres.

Luis Baez

With all new HVAC units and the majority of windows replaced, it allows the new owner to come in and implement a strategic interiors improvement program to dramatically increase rental rates.

Jordan Court, located at 101 NW 23rd Place in Ocala, Fla. is conveniently located near most of the economic demand drivers in a growing MSA with low historical deferred maintenance.

CONTACT: Whitney Davis
Marketing Coordinator
Marcus & Millichap 201 North Franklin St. Suite 1100 Tampa, FL 33602 (813) 387-4700 main (813) 387-4743 direct (813) 387-4710 fax whitney.davis@marcusmillichap.com

www.MarcusMillichap.com