Smith Equities Sells Affordable Housing Complex in Lake County

ORLANDO, FL- Smith Equities Real Estate Investment Advisors recently represented the buyer of Turtle Oaks Apartment, (top right photo) formally McCobe Apartments, in Leesburg, FL.

Turtle Oaks, a 101 unit Project-based Section 8 affordable housing complex, sold for $3,000,000 or $29,702 per unit.

Darrell H. Johnson, (middle right photo) CCIM and Kevin C. Miller (bottom left photo) of Smith Equities Real Estate Investment Advisors represented Turtle Oaks Apartments LLC in the acquisition.

According to Kevin C. Miller, an affordable housing specialist, “There is a critical need for quality affordable housing during this current period of increasing unemployment, historic home foreclosure levels, and overall economic uncertainty.”

The new ownership group plans to provide upgrades to the property and will continue to operate the complex as an affordable housing property.

“This acquisition provides Lake County with a viable long-term partner to meet their affordable housing needs” Miller added.

Jay Cox and Ward Passmore of Passmore Cox represented the sellers, McCobe Apartments Land Trust on the sale. The 101-unit complex was changed to Turtle Oaks at the sale.

About Smith Equities:

Founded in 1990, by Robert E. Smith, CCIM, Smith Equities Real Estate Investment Advisors (SEREIA) is a eader in apartment sales and financing throughout Florida with investment sales and financing of over 22,927
Apartments in 162 transactions.

SEREIA sold the first condo conversions in Central Florida in the last conversion wave and is now focused on helping banks dispose of non-performing assets, affordable housing and also teaming up with local apartment associations to offer free online rent surveys through its proprietary http://www.myrentcomps.com/ platform.

For more information, please go to their website at http://www.amecs.com/ or call them at (407) 422 0704.

CONTACT:
Kevin C. Miller, 407.422.0704, ext. 117, kmiller@amecs.com