A local small business owner and budding real estate investor paid $3.9 million on Tuesday for the 91-unit Pine View Apartments in northwest Orlando.
Located at 4731 N. Pine Hills Road, the 4.38-acre property features 10 one-story buildings with one- and two-bedroom units at market rate, with construction dating to 1987.
The buyer was a newly-formed affiliate LLC of Shraddha Vora, a principal in multiple Orlando-area businesses like travel agency 7M Tours, print shop Orlando Printers, and commercial real estate investments that include the 30-unit El Camino Village apartments on Orange Center Boulevard.
Vora did not respond to requests for comment on Thursday.
The seller, Pine View Orlando LLC, held the asset for just over one year, having previously paid $2.6 million for the property in March 2016.
Behind the entity are real estate investors Hamza Kuraishi and Zamir Kazi, the latter of which has been a principal in Fast Cash Legal, a firm that offers financing for individual lawsuits.
Grail Management Group was kept on this week as property manager by the new ownership. A property manager on site said Thursday that renovation and upgrades are expected from the new ownership.
The buyer sourced a $2.428 million Freddie Mac mortgage to help finance the deal, coordinated by CBRE Capital Markets.