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

The joint venture partnership of real estate investorsJay Massirman and Oscar Vilaadded the 192-unit property, located less than six miles fromdowntown Orlando and three miles from Metro West, to its growingmultifamily portfolio.

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