ORLANDO—A former tax credit multifamily property is getting a new look with its new owner. Rivergate Partners purchased Bella Vita Place for $11.6 million, or $60,417 per door.

ARA arranged the sale of the 192-unit Orlando multifamily community. Bella Vita Place is located in Orlando's northwestern submarket, less than six miles from Downtown Orlando and three miles from MetroWest, a 1,805-acre mixed-use community southwest of Downtown Orlando.

ARA principals Kevin Judd, Patrick Dufour, and Richard Donnellan, along with senior vice president Matt Wilcox, represented Orlando-based Eenhorn Development in the sale. Constructed in 1996, the multifamily property is 96%.

“Bella Vita Place was a former tax credit property, having recently reverted to market rate rental structure,” says Judd, lead advisor on the transaction. “Rivergate Partners will perform a number of value add upgrades to enhance the community. “

Bella Vita Place features a mix of two- and three-bedroom floor plans with a large average unit size of 1,102 square feet. It is less than a 10-mile drive from downtown Orlando's Central Business District (CBD).

Orlando's CBD accounts for more than 13 million square feet of office space, 1,100 businesses and over 65,000 employees. It also has more than 1.75 million square feet of retail and entertainment including venues such as the Amway Center, Florida Citrus Bowl and the soon to be completed Creative Village and Dr. Phillips Center for the Performing Arts.