OCALA, FL-Demand for existing multifamily properties continues unabated in Central Florida as eight buyers bid for a 30-year-old, 32-unit apartment building at 3140 SE 1st Ave. in this horse-breeding sector of the state.

Locally based MRCJ Properties outbid its rivals with a $1.2-million offer for the three-building Diplomat Apartments community. The seller, Diplomat Apartment Partners LLC of Maitland, was asking under $1 million for the 80%-leased property, broker David G. Calcanis of Grubb & Ellis/Commercial Florida tells GlobeSt.com.

Richard Goolsby of All Florida Realty Services represented the buyer. Calcanis negotiated for the seller. "Multiple offers were evaluated and considered by the seller before selecting MRCJ's offer," Calcanis says. The property was on the market for 90 days. The deal took 60 days to complete, from letter of intent to closing.

Calcanis tells GlobeSt.com the $37,656-per-unit price is "about right" for the age and occupancy of Diplomat Apartments. The average asking base rent is $495 per month for the 650-sf sized units. Diplomat Apartment Partners sold the apartments at this time to take advantage of market demand for multifamily assets, Calcanis says.

The buyer hasn't indicated if he plans to convert the buildings to condo units, the broker tells GlobeSt.com. There were no special environmental or governmental challenges the buyer or seller had to overcome before closing the deal, Calcanis says.