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Atlanta non-profit buys Waterview Apartments on Lake Tyler for $22.7M

A non-profit focused on affordable housing for low- to moderate-income families has paid $22.7 million for the 360-unit Waterview Apartments three miles east of the Mall at Millenia, turning a $1.435 million profit for the seller who held it for 14 months.

Located at 4937 Waterway Court near the corner of S. Orange Blossom Trail and Americana Boulevard, the Waterview Apartments consist of 23 buildings built between 1986 and 1988.

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American Opportunity Foundation, based in Atlanta, bought the 31-acre property on Dec. 1, with the deed recorded Thursday in Orange County. The seller was RBK Real Estate Funds LP, a national real estate advisory and investment firm.

This photo shows the Waterview Apartments in Orlando, recently purchased by an affordable housing non-profit from Atlanta.
This photo shows the Waterview Apartments in Orlando, recently purchased by an affordable housing non-profit from Atlanta. (Orange County Property Appraiser)

RBK's sale comes just 14 months after the company purchased the apartments for $21.275 million from Sarasota-based Insula Companies.

America Opportunity Foundation, headed by president Philip J. Kennedy since 1991, was "organized to foster, own, support and sponsor housing for moderate-to-low income persons and families and the elderly," according to its website. The company made the Orlando purchase through affiliate AOF Waterview Holdings LLC.

No one from the non-profit could be reached for comment on Thursday.

AOF is exempt from income taxation as a 501(c)(3) of the Internal Revenue Code, and has received a group exemption as a central organization whose affiliates are also exempt 501(c)(3)s.

The company had total revenue of $2.92 million in 2014, the latest federal Form 990 available from the on-line source GuideStar. Revenue after expenses was $1.81 million. The company had total assets of just over $7 million, according to GuideStar.

The property was not officially designated as an affordable housing community with the benefit of tax credits or restricted rent when it was last bought in October 2015, but that could change now that it is owned by an affordable-housing non-profit.

The apartments are in a working-class area of Orlando and had a 95 percent occupancy rate when BK Real Estate bought them last year.

Have a tip about Central Florida development? Contact me at msalinero@outlook.com. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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