Jay Ballard and Ken Delvillar Represented Cortland in the Disposition of the 328-Unit Apartment Community in Ocala, FL
Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily Team represented owner Cortland in the disposition. An affiliate of Boston-based West Shore, LLC acquired the asset for $49.75 million ($151,677 per unit).
Deerwood Village Apartment Homes was constructed in 2006 and comprises 40, two-story residential buildings, one clubhouse and one maintenance building in a low-density, Big-House design. The property offers a mix of one-, two- and three-bedroom units with an average size of 1,015 square feet and an average market rent of $1,266 ($1.24 per square foot). The community was 94% occupied at the time of sale.
All units at Deerwood Village Apartment Homes are equipped with full-size washers and dryers, deep-soaking bathtubs, granite countertops and nine-foot or vaulted ceilings. Select units feature energy-efficient stainless-steel appliances, loft-style floor plans, front patios, lakefront views, wood-style flooring, electric fireplaces and upgraded lighting packages, plumbing fixtures and hardware.
Community amenities include a completely renovated clubhouse and leasing center, resort-inspired swimming pool, WiFi café, car care center, dog park, business center, nature trail and 24-hour fitness center.
Deerwood Village Apartment Homes is located on a ±37.6-acre site at 1850 Southeast 18th Avenue. This location provides exceptional access to some of Ocala’s largest employers, including Lockheed Martin, Monroe Regional Medical Center, Ocala Health System and The Vines Hospital.
Cortland is known for excellence in value-add renovations. After acquiring Deerwood Village Apartment Homes in 2015, Cortland made resident-friendly improvements in the property’s units, in addition to outstanding updates on the clubhouse, fitness center, pool area and building exteriors. The in-place unit renovation program included stainless steel appliances, granite countertops, new electronic key entry systems, undermount sinks and upgraded fixtures, interior hardware and light packages.
“Deerwood Village Apartment Homes represented a tremendous opportunity for investors to acquire a proven value-add asset in a strong multifamily market with limited supply,” said Ballard. “Further, the property offers significant upside through the continuation of Cortland’s capital improvement program.”
With its acquisition of Deerwood Village Apartment Homes, West Shore, LLC now owns 11 Florida multifamily communities in Clearwater, Gainesville, Melbourne, Naples, Ocala, Riverview and Tallahassee.
Cushman & Wakefield’s Florida Multifamily Team is directed by Robert Given and includes Ballard and Delvillar in Central Florida; Zachary Sackley, Troy Ballard, Neal Victor, Calum Weaver and Errol Blumer in South Florida; Luis Elorza and Brad Capas leading West Florida; and Julie Bohn in Jacksonville. Robert Kaplan, Chris Lentz and Mark Rutherford facilitate debt, equity and structured finance transactions for the team throughout Florida.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.