Hercules Real Estate Service Inc. has purchased the Grande Court at Boggy Creek, a low income housing tax credit apartment community for $26.2 million in Kissimmee, FL. The 394 unit property was built in 2003 on a 36.8 acre site at 1401 Grande Blvd. in the downtown area. The community is within 10 miles of the Orlando International Airport, Florida Hospital-Kissimmee, Osceola Regional Medical Center and Valencia College-Osceola Campus. Trading for $66,497 per unit the asset features a clubhouse, and swimming pool, a fitness and business center, a car care center, and barbecue and picnic area. Marcus & Millichap represented the seller, Courtelis Development Co. and found the buyer as well.
“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,” Evan Kristol, senior vice president of investments in Marcus & Millichap’s Fort Lauderdale office, said in a statement.
