Florida multi-housing community sells for $71 million

 

 Melissa Marcolini Quinn 

ORLANDO, FL – JLL Capital Markets has closed the $70.6 million sale and arranged the debt and equity financing totaling $65 million for Grand Reserve Apartment Homes, a 263-unit, two-story, value-add multi-housing community in Ocala, Florida.

Grand Reserve Apartment Homes,
 a 263-unit, two-story, value-add
multi-housing community in Ocala, FL

 JLL represented ApexOne Investment Partners in arranging the sale to the buyer, JT Capital. JLL also represented JT Capital in securing the debt financing with a Life Insurance Company and arranged the institutional equity for the acquisition.

The JLL Capital Markets Team representing the seller was led by Managing Director Ken Delvillar. Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets Debt and Equity Advisory Team representing the borrower.

 Ken Delvillar

 “Our team at JT Capital has been very selective in pursuing high-quality assets in the current market environment. We believe the fundamentals in Ocala along with a great property in Grand Reserve will drive increased value to the JT Capital portfolio”, said Rohun Jauhar, Partner with JT Capital.

 

Rohun Jauhar

Built in 2003, the 19-builidng Grand Reserve Apartment Homes feature one-, two- and three-bedroom units with an average size of 1,072 square feet.

Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless-steel appliances.

Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, a fire pit, a 24-hour fitness center, a business center, a children’s playground and direct access garages.

 

Lee Weaver

Located at 3001 SW 24th Ave., Grand Reserve allows access to NW 27th Avenue as well as Interstate 75 for easy connectivity throughout the Central Florida.

The property is less than four miles from Historic Downtown Ocala, which includes multiple boutiques, sidewalk cafes and restaurants, the Downtown Farmer’s Market and a vibrant art scene.

Additionally, the community offers proximity to major employers, retail and entertainment, including walkability to the Paddock Mall.

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Contact:

 Jenna Sharp

JLL

M +1 214 394 3356

JLL.com

 

 

 

 

www.jtcapitalgroup.com.