A family-owned real estate company from Virgina Beach has paid $26.2 million to buy the Grande Court Apartments on Boggy Creek Road in Kissimmee.
An L.P. affiliate of Hercules Real Estate Services bought the 394-unit apartment complex. It was built in 2003, and sits on 36.6 acres just north of Osceola Heritage Park and the new Florida Advanced Manufacturing Research Center. The community provides affordable housing to residents who meet federal income requirements.
The complex, built in 2004, offers one-, two- and three-bedroom apartment homes. Amenities include a clubhouse, pool, playground, fitness center, and two-mile running trail. Hercules Living will be managing Grande Court at Boggy Creek.
"The Central Florida market is growing rapidly in population and employment and we are excited to have our first community in the market," said Jason Loftis, president of Hercules Living.
Hercules Real Estate Services specializes in acquisition and management of affordable housing properties. The firm started in 1995 with seven properties and now owns and manages more than 8,000 multi-family units in 40 communities. Grande Court is the firm's second Florida asset.
Hercules assumed an existing $13.8 million mortgage from the previous owner, and received a second $7.16 million balloon mortgage from Fannie Mae via Citibank.