Marcus & Millichap Arranges $9.9 Million Sale Of Multifamily Community In Ocala

Marcus & Millichap announced the $9.9 million sale of Village Square Apartments, a 68-unit multifamily community in Ocala.

“The RPH Multifamily team’s domination of the Marion County market continues with the closing of Village Square,” said Jason Hague, managing director investments in Marcus & Millichap’s Tampa office. “Our track record, combined with our exhaustive marketing approach, ensured our client received top dollar for his property, ultimately closing at the second-highest price per unit ever achieved in Ocala for a multifamily property between five and 100 units.”

Hague, along with Ned Roberts, managing director investments, represented the seller and procured the buyer.

Built in 1974, Village Square Apartments is located at 1715 Northeast 36th Ave. on a 5.3-acre site comprising eight two-story buildings. The community consists of one- and two-bedroom apartments, with the average unit size exceeding 1,000 square feet. Amenities include on-site laundry facilities, a swimming pool, and private patios or balconies for every unit.

Recent improvements include updated kitchens and bathrooms in a significant portion of the apartments, new roofs on every building, cosmetic repairs, and landscaping upgrades. The property is near major employers, schools, and retail centers, and offers residents convenient access to Interstate 75 and downtown Ocala.