Tuscany Place, a multifamily asset in central Florida, has been acquired by a joint venture between the Collier Companies and Houston-based ApexOne Investment Partners in a $29.35 million deal. Located on a 19-acre site at 3420 SW 34th Street in Ocala, the 288 unit, 13-building garden apartment complex was built in 1997. Trading for $101,910 per unit, the community features a resort style pool, a lake, a fitness center, tennis courts and two VIP/guest suites. Senior Director Jay Ballard and Senior Director Ken Delvillar of Cushman & Wakefield’s Orlando Capital Markets Multifamily Advisory Group represented the seller, Richmond, VA-based GrayCo Inc. in the disposition.
“Tuscany Place offered investors the opportunity to acquire an extraordinary value-add asset,” said Ballard. “The Ocala multifamily market continues to exhibit strong rent growth, and new ownership can capture its share of that growth by implementing a proven renovation strategy at the property.”
