Cortland Sells 328-Unit Multifamily Community in Central Florida for $49.7M

by Amy Works

OCALA, FLA. — Cortland Partners has completed the sale of Deerwood Village Apartment Homes, a garden-style multifamily community located at 1850 SE 18th Ave. in Ocala. An affiliate of Boston-based West Shore LLC acquired the Central Florida property for $49.7 million, or $151,677 per unit.

Constructed in 2006, Deerwood Village comprises 40 two-story residential buildings, one clubhouse and one maintenance building. The community features 328 units in 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. All units features full-size washers and dryers, deep-soaking bathtubs, granite countertops and nine-foot or vaulted ceilings.

Situated on 38 acres, the community amenities include a renovated clubhouse and leasing center, resort-inspired swimming pool, Wi-Fi café, car care center, dog park, business center, nature trail and a 24-hour fitness center. At the time of sale, the property was 94 percent occupied.

Jay Ballard and Ken Delvillar of Cushman & Wakefield’s Florida Multifamily team represented Atlanta-based Cortland in the transaction.

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