Florida & Gulf Coast CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
One Stop Housing Acquires $7M Orlando Hotel for Transition to Low-Income Housing
Sarasota, FL-based One Stop Housing has completed its $7.1-million acquisition of the Ambassador Hotel in Orlando, FL with intentions of redeveloping the property into 150 affordable, low-income apartments.
Glen Jaffee of Cushman & Wakefield represented the seller, Sammy Investments Orlando, and procured the buyer for the off-market transaction.
“Affordable housing is a significant problem in Central Florida, and I wanted to figure out a way to help,” said Jaffee. “There were no plans for the Ambassador Hotel to be sold, but after reaching out to the owner, the stars seemed to align. After also contacting the City of Orlando and Orange County about the opportunity to support new workforce housing which the area critically needs, with their collective support, we were able to make the transaction work.”
The 1958-constructed hotel at 929 W Colonial Drive will become a mix of studio, one-, and two-bedroom apartments. Once complete, the community will become the eighth hotel property in FL and TN that One Stop Housing has converted into affordable housing.
- ◦Sale/Acquisition
