Industry-leaders, The Collier Companies, have finalized their acquisition of Tuscany Place Apartments in Ocala, Florida.
Tuscany Place joined The Collier Companies portfolio in January 2017 as the organization became a minority investor in a partnership with Texas-based investment partners, ApexOne. The two have benefitted from a long and successful partnership having collaborated on communities in Ocala, Port Orange, and Tallahassee, Florida.
“Near the end of a very successful value-add program, ApexOne suggested placing the community for sale. The Collier Companies saw Tuscany Place as an excellent long-term investment in a growing market,” details Director of Finance, Eric Heninger. “The partners agreed to an internal buyout that was a Win/Win for both parties.”
Since the 2017 investment, Tuscany place has received clubhouse renovations and amenity upgrades, providing updates to the 288-home community originally built in 1997. Tuscany Place offers six different floor plans featuring detached garages, high ceilings, and a patio or balcony. Some of Tuscany Place’s community amenities include a resort-style pool, pet walk, 24-hour fitness center, and two car wash areas.
The Collier Companies is no stranger to the Ocala housing market, as they also own: Highlands at Heathbrook, Grand Reserve and the recently built luxury apartments, Canterbury Circle. Currently, their Ocala apartment home-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 is traditionally a long-term holder of our multifamily communities and we view Tuscany Place as an excellent long-term investment,” Heninger explains. “We have a great team in place, and we believe in Ocala and the jobs that are being created. The Collier Companies also has other holdings in the market including its newly developed Canterbury Apt Homes. This was truly a Win/Win for The Collier Companies and ApexOne.”