Marcus & Millichap Oversees $26.2M Sale Of Grande Court at Boggy Creek

Marcus & Millichap arranged the $26.2 million sale of the Grande Court at Boggy Creek affordable housing community in Kissimmee, Fla.
Grande Court at Boggy Creek

Grande Court at Boggy Creek

OrlandoMarcus & Millichap recently announced that the company arranged the sale of Grande Court at Boggy Creek, a 394-unit low income housing tax credit apartment community for $26.2 million in Kissimmee, Fla. The sale prices equates to $66,497 per unit and $73.91 per square foot.

“Grand Court was an excellent opportunity to acquire a post-2000-constructed affordable LIHTC apartment community in a highly sought after rental market within walking distance to local schools and a regional park. 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.

Built in 2003, Grande Court at Boggy Creek is located at 1401 Grande Blvd. in Kissimmee on a 36.8-acre parcel. The property features a mix of one-, two- and three-bedroom apartments spread across 16 buildings. Unit amenities include open kitchens with stove, dishwasher, microwave, double sinks and garbage disposal, optional washers and dryers, defined desk and computer areas, ceiling fans, large walk-in closets and extra storage space. Community amenities include a clubhouse, a swimming pool with sun deck, a wading pool, fitness center, business center, car care center, playground, and barbecue and picnic area.

“Grand Court is conveniently located four miles from downtown Kissimmee and is just minutes from area employers, shopping and entertainment. Additionally, the property is within 10 miles of the Orlando International Airport, Florida Hospital-Kissimmee, Osceola Regional Medical Center and Valencia College-Osceola Campus,” said Still Hunter III, senior director, Institutional Property Advisors, a division of Marcus & Millichap.

Kristol and Hunter represented the seller, Courtelis Development Co., and procured the buyer, Hercules Real Estate Service Inc.

Marcus & Millichap recently arranged the sale of Issaquah Newport Way Storage, a self-storage facility located in Issaquah, Wash.

Image courtesy of Grande Court at Boggy Creek