The acquisition increases Bresler & Reiner's investment locally to $74.6 million and 763 units in 2003. In July, the Maryland company purchased the 363-unit, 100%-leased Victoria Place Apartments near the University of Central Florida for $39.5 million or $108,516 per unit, as GlobeSt.com previously reported.

Charles Bresler, co-chair of Bresler & Reiner, tells GlobeSt.com average rents at the Fountains at Waterford Lakes run from $700 to $1,100 per month. The purchase price was paid in part by B&R's assumption of a permanent, non-recourse mortgage on the property and $10.5 million in cash. "A portion of the cash purchase price was funded with a $6 million, unsecured recourse loan," Bresler says.

Traded on the Over-the-Counter Bulletin Board, Bresler & Reiner reported net income of $2.93 million or $1.07 per share on revenue of $8.76 million for the second quarter ended June 30. That compares with net income of $2.6 million or 95 cents per share on sales of $19 million in the comparable 2002 period.

On a year-to-date basis, the company reported 2003 net income of $2.77 million or $1.01 per share on revenue of $16.2 million. For the first half of 2002, Bresler & Reiner posted net income of $4.56 million or $1.66 per share on revenue of $35 million.