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Marcus & Millichap Brokers $92M Affordable Housing Portfolio Transfer
Marcus & Millichap has brokered the sale of a four-property, 669-unit Low Income Housing Tax Credit portfolio located primarily in Central FL. The properties sold for a combined total of $91.8 million:
- The Overlook at Monroe, Sanford
- Villas at Cove Crossing Apartments, Lake Worth
- St. Luke’s Apartments, Lakeland
- Sonrise Villas Apartments, Fellsmere
The properties were constructed between 1994 and 2007 and range in size between 94 and 240 units. All were originally developed with affordable tax credits and have long-term income and rent restrictions.
Evan Kristol of Marcus & Millichap represented the private sellers, Benjamin Mallah and Benjamin Mallah II, and the buyer, a national owner and operator of affordable housing communities.
“With the lack of affordable housing in Florida, these communities provide much-needed rentals in their respective cities,” said Kristol. “The new owner will continue to maintain and operate them as affordable housing for years to come.”
Photo: The Overlook
- ◦Sale/Acquisition
