Marcus & Millichap Brokers Four-Property $91.75 Million Affordable Housing Portfolio Sale
By Post
Tampa Bay Newswire
Published: Sep 12, 2022

Fort Lauderdale, Fla., Sept 9, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a four-property, 669-unit Low Income Housing Tax Credit portfolio located throughout Florida. The properties sold for a combined total of $91.75 million.

“With the lack of affordable housing in Florida, these communities provide much-needed rentals in their respective cities,” said Evan Kristol, executive managing director in Marcus & Millichap’s Fort Lauderdale office. “The new owner will continue to maintain and operate them as affordable housing for years to come.” Kristol represented the sellers, Benjamin Mallah and Benjamin Mallah II, private owners, and the buyer, a national owner and operator of affordable housing communities.

The properties are:

The Overlook at Monroe,100 Willner Circle, Sanford

Villas at Cove Crossing Apartments, 2730 Lantana Road, Lake Worth

St. Luke’s Apartments, 915 Quincy Street, Lakeland

Sonrise Villas Apartments, 53 Sonrise Place, Fellsmere

Constructed between 1994 and 2007, the properties range in size between 94 and 240 units. All were originally developed with affordable tax credits and have long-term income and rent restrictions.