RIVERGATE PARTNERS BUYS ORLANDO APARTMENT COMMUNITY FOR NEARLY $10M

ORLANDO, FLA. — Rivergate Partners has purchased Beacon Hill, a 192-unit apartment community in Orlando’s Northwest submarket, for nearly $10 million. The property is less than six miles from downtown Orlando and three miles from Metro West. Constructed in 1999, the property was 96 percent occupied at the time of sale. Rivergate Partners purchased the property at approximately 50 percent of replacement cost. Beacon Hill features a mix of two- and three-bedroom floor plans averaging 1,134 square feet. Rivergate Partners is a Miami-based venture between real estate investors Jay Massirman and Oscar Vila.