JT Capital Buys Florida Asset for $71M

Grand Reserve Apartment Homes. Image courtesy of JLL

JT Capital has purchased Grand Reserve Apartment Homes, a 263-unit multifamily community in Ocala, Fla., for $70.6 million. JLL Capital Markets represented the seller, ApexOne Investment Partners, and secured $65 million in financing for the buyer. The property last traded in 2018, when the former owner bought it from Carter-Haston Real Estate Services for $35 million, according to Yardi Matrix.

The value-add asset is located at 3001 SW 24th Ave. and encompasses one-, two and three-bedroom units with floorplans ranging from 696 to 1,384 square feet, equipped with washers and dryers, walk-in closets, granite countertops and stainless-steel appliances. Common-area amenities include a swimming pool, a fitness center, a clubhouse, a business center, a basketball court, a playground and 480 parking spots.

Built in 2003, the two-story, 19-building community is situated close to Interstate 75 and Paddock Mall, 3.6 miles from Ocala’s historic downtown area and 4.8 miles from Ocala International Airport. The multifamily property is located near SW 27th Avenue, which offers access to major employers in the area, such as Monroe Medical Center, Ocala Regional Medical Center and Taylor, Bean & Whitaker.

JLL Capital Markets’ Managing Director Ken Delvillar worked on behalf of the seller. Senior Managing Directors Melissa Marcolini Quinn and Lee Weaver represented the buyer. The property is suitable for JT Capital’s value-add investment strategy, as a continuation of the property improvement plans started by the seller.

JT Capital and JLL also worked together in the $84.7 million acquisition of The Haven, a garden-style community in West Melbourne, Fla.