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Nonprofit Takes 244 Apartments for Nearly $13M

ORLANDO-Orlando Neighborhood Improvement Corp. pays RHA/Affordable Housing III Inc. a below-replacement cost of $53,230 per unit for the 144-unit Hollowbrook Apartments and the 100-unit Maitland Oaks. Both class B properties are 99% occupied.

By Alex Finkelstein | Updated on March 27, 2006

(To read more on the multifamily market, click here.)

ORLANDO-On the market for only 30 days, the 144-unit Hollowbrook Apartments and the 100-unit Maitland Oaks community are under new ownership today. Both class B properties are 99% occupied.

Bidding against five competitors, Orlando Neighborhood Improvement Corp., a nonprofit, paid Atlanta-based RHA/Affordable Housing III Inc. $12.98 million or an average $53,230 per unit for the two properties. The 37-year-old Hollowbrook is at 5465 Curry Ford Rd.; the 25-year-old Maitland Oaks is at 8339 Pembrook Villa Circle.

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