Kinneret Board approves plan to sell the apartments
April 30, 2021
The Board of Directors of the Kinneret Apartments announced on Friday, April 23, that it has approved a plan to sell the Kinneret Apartments located in downtown Orlando to a qualified buyer. The proceeds from the potential sale will be invested in programs and services for older adults at the Kinneret Apartments and the central Florida community to continue Kinneret's mission of "Caring for Those Who Cared for Us" for generations to come.
This difficult decision is the result of two years of study and exhaustive strategic planning efforts including consultations with senior housing experts and Orlando Jewish community leaders. The need for modernization of the buildings, the rising costs of capital repairs on a 54-year old campus, and continuing change in the escalating numbers of seniors in need has led the Kinneret Board to carefully consider options that will allow the use of limited resources for the most impact.
"The Kinneret Board has decided that the best path forward for a sustainable future supporting Kinneret's mission of caring for those who cared for us, is to sell the property to an experienced affordable-housing owner," said Rhonda Pearlman, Kinneret Board president. "The new owner will have greater capacity and access to capital for building rehabilitation," she continued.
The property will be strategically marketed to those affordable-housing owners who will commit to significant rehab and modernization for building and system upgrades while preserving the affordable community in place and ensuring the safety and security of all residents.
The Kinneret Board has taken the first step to engage a potential buyer by hiring a national brokerage firm with a strong history of representing similar Jewish senior nonprofits. Any sale would be contingent upon many factors, including a potential buyer's agreement to extend the rent affordability for another 30 years and continue to engage with its affiliated corporation, Kinneret Council on Aging, as the provider of services and programs to the residents. The new owner will continue this legacy of affordability by serving some of the most vulnerable seniors in our community who have income levels well below the identified poverty income levels as determined by the U.S. Department of Housing and Urban Development and the Orlando Housing Authority. The anticipated agreement will enable all current residents to continue to receive rent subsidies and remain at Kinneret under the current HUD subsidy programs.
A sale of the Kinneret property will create resources that will be reinvested in current programs while looking at new and innovative ways to serve seniors with unmet needs. It is important to note that Kinneret Apartments will still be a great affordable living option for those older adults with limited financial resources.
About the Kinneret Apartments
Sponsored in 1968 by the Jewish community under the federal HUD 202 mortgage program, Kinneret Apartments offers an inclusive, affordable community with amenities and programs for older adults. Overlooking Lake Lucerne in downtown Orlando's historic district, the 280 apartments in two 15-story high-rise buildings provide rental housing for individuals 62 years of age and older, including those with mobility impairment. The apartments are accessible to public transportation and close to major highways, shopping, entertainment, and medical facilities. For more information about the Kinneret Apartments, visit its website at http://www.KinneretLiving.org/press.
About Kinneret Council on Aging
The Kinneret Council on Aging currently provides services and programs for the residents of the Kinneret Apartments. For the past 36 years, KCOA has lived by its commitment to serve the older adult community. As part of our strategic planning process, we are pursuing innovative ways to continue to serve older adults in our community.
KCOA's enduring mission is to offer seniors in need with life-enriching programs that embrace spiritual, educational, and social components to create a warm and loving atmosphere. To learn more about KCOA's mission and its impact, visit the KCOA website at http://www.KinneretLiving.org/press.