Cushman & Wakefield’s Nick Meoli and Mike Donaldson represented the seller, Greenberg Apartment Communities, in the transaction. Denny St. Romain, Charles Crapse, and Alex Kupp of Cushman & Wakefield arranged financing on behalf of the buyer, R.O.I Capital Group.
“Carriage House is a direct entry townhome community well located within the ‘Equestrian Capital of the World’ in Ocala. The property sits on two low density parcels with a distinctive competitive advantage offering some of the largest floorplans in the area, excellent unit mix and attached garages in select units,” said Meoli, Vice Chairman at Cushman & Wakefield. “Although Ocala is known for its equestrian background, the area also continues to be a more attractive secondary market as it’s become a major logistical hub in central Florida adjacent to I-75 allowing access to over 34 million residents within a few hour drive.”
Built in 2003 and 2004, Carriage House Townhomes was 91% leased at the time of sale. The property includes 14 buildings that each span two stories along with two swimming pools with pavered sundecks, multiple on-site offices, and a courtyard area with the ability to house additional amenities for residents.
“With job growth in the area quickly exceeding pre-pandemic levels, year-over-year rent growth in the Ocala-North submarket surpassed 31% which gained significant attention from value-add investors,” added Donaldson, Vice Chairman at Cushman & Wakefield. The buyer, who is well versed in repositioning properties saw a considerable opportunity to enhance the existing amenity package as well as provide luxury grade interior finishes with ability to increase rents to market levels.”