ORLANDO, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Riverfront Apartments, (top left photo) a 356-unit, 335,892-square foot former Section 42 Low-Income Housing Tax Credit (LIHTC) property in Orlando.
The sales price of $10,279,000 represents $28,874 per unit and $31 per square foot.
The Tax Credit Group of Marcus & Millichap (TCG) represented the buyer and the seller in the transaction. The Tax Credit Group is led by Robert L. Sheppard, (middle right photo) a senior vice president investments, along with Armand W. Tiberio (middle left photo) and Spencer H. Hurst, (bottom right photo) vice presidents investments.
Providing representation from Orlando were investment specialists Patrick Skinner and Kevin Yaryan. In Fort Lauderdale, Evan P. Kristol, a senior vice president investments, and Still Hunter III, a first vice president investments, provided representation. “We collaborated as a team to access thousands of investors nationwide and ultimately generated more than 30 offers on the property,” says Skinner. “The area around the University of Central Florida (UCF) has proven to be somewhat resilient to the recession and the new owner will benefit from the ability to move rents to market.”
Located on 17.8 acres at 9201 Nelson Park Circle, the property is close to UCF.
Riverfront Apartments was constructed in 1998 and features 32 one-bedroom/one-bath, 140 two-bedroom/two-bath and 184 three-bedroom/two-bath apartment homes. Community amenities include an on-site leasing office, clubhouse, swimming pool, children’s playground, fitness center and basketball area.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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