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.