Construction crews are stirring at the site of a new, 432-unit luxury apartment complex that is under development in southwest Ocala.
This month, crews have been spotted working at the site of the new SW 38th Avenue Luxury Apartments.
Earlier this month, a series of permits was issued for the new complex, which will be situated across from Interstate 75 at 2300 SW 38th Avenue.
The 34.06-acre property is owned by NCFL Investments, LLC and the apartment complex was designed by FK Architecture.
Cullison Wright Construction, owned by Ocala City Council President Barry Mansfield, is developing the project.
The first phase of the project calls for the construction of 240 of the 432 units at the complex.
According to a construction application permit filed with the city of Ocala, the phase entails construction of over 340,000 square feet of new residential space. The permit shows a “total job value” of $40,000,000.
City records show that over a dozen and a half permits have been issued for the complex, which will be comprised of at least 18, 3-story buildings, and is located just down the road from a collection of hotels.
Floor plans show that each floor will feature approximately 8 units. The property will also feature several amenities, including a clubhouse and a swimming pool.
In 2021, the property was sold between family members for $1 million, according to Marion County property records.
In the Summer of 2022, the property was approved for annexation and land use by Ocala City Council members James P. Hilty, Sr., Barry Mansfield, Kristen Dreyer, Jay Musleh, and Ire Bethea, Sr.
Council members also approved the rezoning of the property in October of that same year.
On November 23, 2022, the property was sold for $1,567,000 to PARBOYD, LLC, a limited liability company established by Roy T. Boyd III, CEO of The Boyd Group, and Michael Pardee.
On May 8, 2023, PARBOYD LLC sold the property to NCFL Investments, LLC for $5,000,000, according to Marion County property records.
SW 38th Avenue Luxury Apartments is one of at least four luxury apartment complexes that have sprouted up in southwest Ocala over the past year.
Retreat at 42nd opened a 268-unit luxury apartment complex last August, around the same time that Canter opened a 320-unit luxury apartment complex.
Nearby, The Grove began moving residents into its 329-unit complex a month before the other two.
Last month, a developer received approval from Marion officials to build a new, 312-unit apartment complex next to On Top of the World.
