After buying high-rise senior apartments from nonprofit, new owner plans $18 million renovation effort

A 62-and-over affordable housing community overlooking Lake Lucerne in downtown Orlando has been owned and managed for 50 years by a local nonprofit organization.

That changed this week when the Kinneret Council on Aging, realizing it couldn’t afford the costly, yet necessary repairs to the aging property, sold off the twin 15-story residential towers and its 280 combined units to a national multifamily company based in New York for $57.1 million.

Following the transaction, Fairstead vowed in a news release to preserve the apartment’s affordability and embark on an $18 million renovation project.

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