Tierra Vista Apartments

Tierra Vista Apartments 2

Value Add and Long-Term Hold

Investment Overview

In November 2011, CGI purchased Tierra Vista, a 152-unit Low Income Housing Tax Credit (“LIHTC”) apartment community located in Kissimmee (Orlando), Florida. The property was built in 1998 under a low-income housing tax code provision requiring that all of the units be rented to tenants earning less than 60% of the area’s median income for 30 years. At time of acquisition, the Tierra Vista Apartments were at 90% occupancy with average in-place rents of $759 per month. Since then, has significantly increased occupancy rates as well as average in-place rents, surpassing original projections through effective management and minor capital expenditure items.

Transaction Details

Property Address 8700 Tierra Vista Circle, Kissimmee, FL

Acquisition Date 2011

Asset Type Apartment Acquisition (Long Term Hold)

Investment Type Equity and Debt

Size 152 Units


Posted on

December 10, 2012