ORLANDO, FL—Miami-based Rivergate Partners has acquired the Beacon Hill apartments complex here for a little under $10 million.

The joint venture partnership of real estate investors Jay Massirman and Oscar Vila added the 192-unit property, located less than six miles from downtown Orlando and three miles from Metro West, to its growing multifamily portfolio.

The Beacon Hill property features a mix of two- and three-bedroom floor plans averaging 1,134 square feet. The property was constructed under the Low Income Housing Tax Credit program. The original housing bonds were paid off, but the extended land use restrictions stay in place for an additional 15 years. Constructed in 1999, the property was 96% occupied at the time of sale. Rivergate Partners acquired the asset at approximately 50% of replacement cost and plans to achieve economies of scale shared through a recent nearby acquisition, company officials say.

“This is a prime example of acquiring a housing preservation deal that we will continue to improve and create stable returns for our investors,” says Massirman, managing partner, Rivergate Partners. “In addition, we capitalized on the placement of low fixed-rate term debt from Fannie Mae as part of our operating philosophy,” notes Vila, managing partner, PSMG Management.