Marcus & Millichap Arranges $9.9 Million Sale Of Multifamily Community In Ocala
Built in 1974, the multifamily community is located at 1715 Northeast 36th Ave. on a 5.3-acre site comprising eight two-story buildings.
Built in 1974, the multifamily community is located at 1715 Northeast 36th Ave. on a 5.3-acre site comprising eight two-story buildings.
The new multifamily community will be developed on a 12.7-acre infill parcel adjacent to Altamonte Springs City Hall and across from the SunRail commuter station.
The deal was led by Robby Barrows, Senior Vice President of Commercial Banking, in collaboration with David Druey, Florida Regional President at Centennial Bank.
Knightvest plans to renovate the majority of the 332 units and make substantial upgrades to the community’s amenities and common spaces.
The project, backed by a $45 million investment, will feature 392 modern apartments as well as approximately 53,000 to 55,000 square feet of commercial space, including retail shops, diverse dining options, and offices.
“We’re seeing remarkable liquidity in the bridge lending market right now, with lenders aggressively competing to finance new-construction residential communities.”
JLL represented the borrower, Northshore Development, in facilitating the floating-rate loan through ACORE Capital LP.
This acquisition is the second and largest of three planned land purchases along Micco Road for the Ashton Park mixed-use development, a massive 1,568-acre project valued at $2.5 billion.
The Space Coast has witnessed tremendous growth in recent years, fueled by expanding aerospace, defense, and STEM industries, as well as increased tourism. The region is home to some of the world’s most innovative companies, including NASA, SpaceX, Blue Origin, Boeing, and Lockheed Martin.
Originally constructed in 2020, Mode at Melbourne encompasses approximately 218,592 rentable square feet and was 94% occupied at the time of the transaction.
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