RPH Multifamily Group BROKERS SALE OF SHADOW RIDGE & THE OAKS, A TWO-PROPERTY PORTFOLIO IN OCALA, FL
OCALA, FL, September 14, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Shadow Ridge & The Oaks, a 24-unit and 8-unit apartment complex located in Ocala, FL, according to David G. Bradley, regional manager of the firm’s Tampa office. The asset sold for $3,175,000.
The two-property portfolio consists of two buildings situated 0.8 miles apart and features a unit mix of two-bedroom/one-bathroom and two-bedroom/two-bathroom floor plans with an average square footage of both properties at almost 950 square feet.
Jason Hague, Ned Roberts and Adam Podbelski of the RPH Multifamily Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, Roger Yates. The buyer, Peacock Capital, was also secured and represented by the RPH Multifamily Group.
“This transaction was the classic example of the power of Marcus & Millichap’s marketing platform. Prior to listing with us, the seller had received several unsolicited offers. After just two weeks of being on the market, we had multiple offers at or above, our list price ultimately netting the seller substantially more than if he had accepted the unsolicited offer,” said Hague, first vice president investments.
Shadow Ridge, the 24-unit building, is located at 1748 NE 3rd Street with 23,088 rentable square feet on 1.09 acreage. The Oaks, the 8-unit building, is located at 1316 E Fort King Street with 7,168 rentable square feet on 0.39 acreage.
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