ORLANDO-Focusing on older properties, the Fifteen Group LLC of Miami Beach has purchased two southeast Orlando multifamily communities totaling 599 units for $18 million, or about $30,050 per unit.

Citigroup Global Markets Realty Corp. provided a $17 million loan for the acquisition from affiliates of Dallas-based Olympus Real Estate Partners. The properties are the 35-year-old, 335-unit Oakwood Commons at 3700 E. Curry Ford Rd. and the 29-year-old, 264-unit Jackson Square at 803 Don Quixote Ave.

Fifteen Asset Management LLC plans to renovate both properties for an undetermined amount. A company spokesperson declined to disclose the occupancy level at either property.

The average asking rent range at Oakwood Commons is $656 per month for an average 866 sf of living area; and $665 monthly at Jackson Square for an average 950 sf.

The Fifteen Group, founded by Ian and Mark Sanders in 1992, owns 14,000 affordable rental units nationwide.

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