394-Unit Affordable Housing Property Trades

Mar 21, 2016 No Comments by

Marcus & Millichap arranged the sale of  Grande Court at Boggy Creek, a 394-unit low income housing tax credit (LIHTC) apartment community in Kissimmee.

 

“Grand Court was an excellent opportunity to acquire a post-2000-constructed affordable LIHTC apartment community in a highly sought after rental market within walking distance to local schools and a regional park,” says Evan P. Kristol, a Marcus & Millichap senior vice president investments in the firm’s Fort Lauderdale office. “With only 15 years remaining on the property’s rental restrictions, and in-place rents far below current market levels, the new owner will have an opportunity to unlock substantial value.”

Grand Court at Boggy Creek is located at 1401 Grande Blvd. in Kissimmee.

Built in 2004 on a 36.8-acre-parcel, the property features a mix of one-, two- and three-bedroom apartments. Unit amenities include open kitchens with stove, dishwasher, microwave, double sinks and garbage disposal, optional washers and dryers, defined desk and computer areas, ceiling fans, large walk-in closets and extra storage space. Community amenities include a clubhouse, a swimming pool with sun deck, a wading pool, fitness center, business center, car care center, a playground, and a barbecue and picnic area.

 

“Grand Court is conveniently located four miles from downtown Kissimmee and is just minutes from area employers, shopping and entertainment,” says Still Hunter III, a senior director with Institutional Property Advisors, a division of Marcus & Millichap. “Additionally, the property is within 10 miles of the Orlando International Airport, Florida Hospital-Kissimmee, Osceola Regional Medical Center and Valencia College-Osceola Campus.”

Kristol and Hunter represented the seller, Courtelis Development Company, and procured the buyer, Hercules Real Estate Service Inc.

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