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Highlighted in blue are the Holley Garden Apartments, located in South Downtown Orlando, south of the intersection of Pineloch and S. Orange avenues.
Highlighted in blue are the Holley Garden Apartments, located in South Downtown Orlando, south of the intersection of Pineloch and S. Orange avenues. (Orange County Property Appraiser)

An affiliate of Nashville-based Covenant Capital Group paid more than $16.25 million on Wednesday for the 258-unit Holley Garden Apartments south of Downtown Orlando, it's fourth local asset.

Located at 3435 S. Orange Ave., the 9.62-acre property features 10 two-story apartment buildings with one-bedroom units, built between 1969 and 1972.

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Among its three active multifamily investment funds, Covenant currently owned apartment complexes in Greater Orlando totaling 844 units, prior to this week's new acquisition.

Nashville firm pays $23.3M for Winter Springs apartments, begins reno work

Learn which new private equity owner bought in to the Seminole city, and what property manager was hired to oversee the asset.

The seller was Holley Garden Apartments Ltd., an affiliate of Grace Properties Realty and GP Investments of Orlando, Inc., managed by licensed real estate broker Andrea G. Holcomb. She also sold the 120-unit Howell Crossing Apartments in Winter Park in early November.

Covenant sourced a $12.2 million loan from Pinnacle Bank out of Nashville to help finance the purchase.

Holcombr and Covenant executives did not respond to requests for comment, and calls to the property were not answered on Friday.

Covenant Capital self-describes as one of the nation's largest real estate fund managers, with more than $1.2 billion of assets under management on behalf of over 300 institutional and high-net worth investors.

The company specializes in buying, rehabbing, re-branding and managing multifamily properties.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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