Saturday, November 16, 2013

Marcus & Millichap Arranges Sale of 202-Unit Apartment Property in Ocala, FL for $7.6 Million


Carriage House I, 2701 Northeast 7th Street, Ocala, FL

Michael Donaldson
OCALA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Carriage House I and II, a 202-unit apartment property located in Ocala, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $7,676,000.

Michael Donaldson and Nicholas Meoli, senior associates in the Tampa, Fla. office of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a limited liability company based in West Palm Beach.  The local buyer, a limited liability company, was also secured by Donaldson and Meoli.

Carriage House I and II consists of two multifamily properties located less than a quarter-mile from each other at 2701 Northeast 7th Street in Ocala, Fla.  Carriage House I was constructed in 2004 and is comprised of 130 units and Carriage House II was constructed in 2003 and has 72 units. 

The unit mix consists of 39 one-bedroom/one-bathroom units; 87 two-bedroom/one-and-a-half bathroom townhouse units and 76 three-bedroom/two-bathroom units. Property amenities include two sparkling swimming pools, a leasing office, washer and dryer connections in all units, and garages in all one-bedroom units.

Nicholas Meoli
"Although Carriage House was located in a tertiary market, we were able to generate tremendous interest, procuring 14 offers in 30 days from domestic and international investors," said Donaldson in a statement. 

"Due to the desirable attributes of the property, such as the 2003-2004 construction, low price per square foot, and a unit mix consisting of a majority of two and three-bedroom townhomes, we ultimately sold the property at full asking price," adds Meoli.

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

Richard D. Matricaria
Regional Manager
Tampa, FL
(813) 387-4700

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