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Wednesday, October 20, 2021

Ashley Court, Azalea Garden, Regency Apartments sell for $11.35 million

Ashley Court, Azalea Garden, and Regency Apartments in northeast Ocala have been sold for $11.35 million.

According to a press release from Marcus & Millichap, a commercial real estate brokerage firm that specializes in investment sales, the 99-unit, contiguous three-property portfolio was sold for $11,350,000

The seller and buyer are both limited liability companies represented by Jason Hague, Adam Podbelski, and Ned Roberts, investment specialists of the RPH Multifamily Group in Marcus & Millichap’s Tampa office.

“This was another three-property portfolio we closed in Ocala in the span of two weeks,” said Hague. “It was a unique closing in that the buyer had to simultaneously assume two separate agency loans while also closing a new loan for the third, unencumbered property. We successfully overcame numerous hurdles associated with the assumptions and ultimately closed at a record-breaking price per unit for under 150-unit properties in Marion County.”

The three multi-family properties include Ashley Court, a 33-unit apartment property located at 2281 NE 2nd Street, Azalea Garden, a 34-unit apartment located at 2311 NE 2nd Street, and Regency Apartments, a 32-unit apartment located at 2205 NE 2nd Street.

All three properties offer a unit mix of one- to two-bedroom units.