The Real Deal Miami

Miami-based Courtelis sells Kissimmee apartments

Hercules Real Estate paid $66,497 per unit for the low-income tax credit apartment community

March 20, 2016 02:30PM

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Grande Court Boggy Creek in Kissimmee

Grande Court at Boggy Creek in Kissimmee

Miami-based Courtelis Development Co. sold an affordable rental housing property in Kissimmee for $26.2 million, or $66,497 per unit.

Grande Court at Boggy Creek at 1401 Grande Boulvevard in Kissimmee is a low-income housing tax credit community with 394 units with one-, two- and three-bedroom floor plans. The units have ceiling fans, walk-in closet and storage space.

Developers acquire and sell low-income housing tax credits to investors to fund the construction of rental housing that the U.S. Department of Housing and Urban Development deems affordable.

Grande Court at Boggy Creek has a swimming pool, wading pool, playground, barbecue area, picnic area, clubhouse and fitness center, among other common-area amenities.

Even Kristol in the Fort Lauderdale office of brokerage Marcus & Millichap and Still Hunter III of Marcus & Millichap’s institutional property advisors division represented Courtelis.

Kristol and Hunter also procured the buyer, Hercules Real Estate Services Inc.