ORLANDO, Fla.--(BUSINESS WIRE)--Rivergate Partners, a Miami-based multifamily venture between veteran real estate investors Jay Massirman and Oscar Vila, has purchased Beacon Hill apartments for just under $10 million, a 192-unit multifamily residential community located in the northwestern submarket of Orlando, less than six miles from downtown Orlando and three miles from Metro West. Beacon Hill’s prime location is less than a 10-mile drive from downtown Orlando’s Central Business District (CBD).
“This is a prime example of acquiring a housing preservation deal that we will continue to improve and create stable returns for our investors,” said Jay Massirman, Managing Partner, Rivergate Partners. “In addition, we capitalized on the placement of low fixed-rate term debt from Fannie Mae as part of our operating philosophy,” adds Oscar Vila, Managing Partner, PSMG.
Featuring a mix of two- and three-bedroom floor plans averaging 1,134 square feet, Beacon Hill was constructed under the Low Income Housing Tax Credit (LIHTC) program. The original housing bonds were paid off but the extended land use restrictions (LURA) stays in place for an additional 15 years. Constructed in 1999, the property was 96% occupied at the time of sale. Rivergate Partners acquired the asset at approximately 50% of replacement cost and plans to achieve economies of scale shared through a recent nearby acquisition.
About Rivergate Partners
Rivergate Partners is a strategic partnership with Miami-based veteran real estate investors Jay Massirman and Oscar Vila that team up on occasion to acquire select strategic multifamily communities in the Southeast. The partners strive to enhance asset value by utilizing their management and repositioning strengths of their respective firms i.e. Rivergate Companies: www.rivergatere.com and PSMG Management: www.psmgrp.com.