On November 15th, The Collier Companies, in partnership with Apex One, acquired Grand Reserve, a 263-unit conventional community in Ocala, Florida, for $35 million. Grand Reserve marks the fourth Collier Companies’ community in Ocala, FL, and the second Collier Companies’ acquisition in Ocala in just two years.
“ApexOne is very excited to expand our relationship with The Collier Companies. Florida is an important target market for us and given The Collier Companies presence, they are the perfect partner to help us execute our strategy,” said ApexOne Investment CIO Tim Burns. “This will be our 4th investment together and we are looking forward to many more in the future.”
Originally constructed in 2003, Grand Reserve will see over $2 million in renovations, landscaping and amenity upgrades in the coming years, including a state-of-the-art fitness center. Grand Reserve is comprised of 263 units in 19 buildings built upon 18.53 acres. With eleven different 1, 2 and 3-bedroom floorplans available, select units also include detached garages.
“The Collier Companies is very excited to be acquiring another property in Ocala. This will be our fourth property in this market. The city has a vibrant business climate, a growing population with strong household income demographics, and intelligent local government. Our partner in Grand Reserve, Apex One, is a savvy investment firm which shares our bullish sentiments on the city,” says The Collier Companies CEO, Andy Hogshead.
The Collier Companies is no stranger to the Ocala housing market, as they also own: Highlands at Heathbrook, Tuscany Place and the newly-built luxury apartments, Canterbury Circle. Adding Grand Reserve to the TCC portfolio will catapult their Ocala unit-count to nearly 1,000 homes for families, an over 200% increase in growth since they built Highlands at Heathbrook in 2004.
The Collier Companies owns and manages 11,271 apartment units in the states of Florida, Georgia, and Oklahoma. Grand Reserve is the fourth apartment community owned and managed by The Collier Companies in Ocala, Florida. For more information about The Collier Companies, please visit colliercompanies.com.