Colliers Arranges $11M Sale of Affordable FL Asset
Senior Vice President Kevin Morris worked on behalf of both parties in the disposition of Grande Court North Port, a fully leased 128-unit community.
Grande Court at North Port
Colliers International South Florida has facilitated the sale of Grande Court at North Port, a 128-unit affordable community in North Port, Fla. Kevin Morris, senior vice president with the company, represented both the seller and the buyer involved in the deal. A partnership between Southport Financial and Raymond James Tax Credit Funds purchased the asset from Courtelis Co. JLL arranged a Freddie Mac loan to support the acquisition.
Located at 5203 Greenwood Ave. in Sarasota County, just off Tamiami Trail, Grande Court at North Port provides easy access to Interstate 75. According to Yardi Matrix data, the property consists of one- to three-bedroom units, averaging 890 square feet. Amenities include:
- fitness center
- clubhouse
- playground
- swimming pool
- 256 parking spaces
The fully leased asset is a low-income housing tax credit community. “The property will be available for resyndication down the line and the buyer plans to renovate and update the building so that it remains a high-class property. The off-market deal before year 15 is indicative of the growing appetite for affordable housing assets in Florida,” said Morris, in prepared remarks.
Last year, Morris and Senior Broker Associate Michael Lewin brokered the $6.3 million acquisition of Palm Lakes Trailer Park, a mobile home property in Miami.
Image courtesy of Yardi Matrix
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