JT Capital Acquires Property In Ocala For $70.6 Million With Seller's Rep Ken DelVillar

The property involved in the transaction is Grand Reserve Apartment Homes, a value-add multifamily community located at 3001 SW 24th Ave in Ocala, Florida. The sale amount for the property was $70,600,000. This complex comprises 263 units, with an average unit size of 1,072 square feet, built in 2003. The development includes one-, two-, and three-bedroom units, and renovated offerings contain features such as walk-in closets, granite countertops, and stainless steel appliances. Community amenities include a pool and sundeck, a fitness center, a children's playground, and direct access garages.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $70,600,000
• Address: 3001 SW 24th Ave, Ocala, FL, 34471
• Market: Ocala
• Seller's Representative: Ken DelVillar, JLL
• Buyer: JT Capital
• Seller: ApexOne Investment Partners
• Financing Amount: $65,000,000
• Debt Provider: Unnamed life insurance company
• Equity Source: Undisclosed institutional investor

Ken DelVillar from JLL represented the seller, ApexOne Investment Partners, in the transaction. The team led by Melissa Marcolini Quinn and Lee Weaver at JLL Capital Markets arranged the debt and equity financing for JT Capital. The financing included $65 million, involving both debt from a life insurance company and equity from an unnamed institutional investor.