Orlando, Fla. – (August 24, 2020) –Orlando Neighborhood Improvement Corporation (ONIC) has completed the acquisition of the Baptist Terrace senior housing tower in Downtown Orlando. Located at 414 East Pine Street, Baptist Terrace was developed by the seller, First Baptist Housing, Inc., in 1970 as much-needed quality affordable senior housing and, until the sale to ONIC, was continually operated by the seller for nearly 50 years.
Situated a block south of Lake Eola and three blocks east of Orange Avenue, the 14 story tower offers affordable units for the local elderly population at a downtown location convenient to transportation, shopping, and medical facilities. Neighborhood amenities include a Publix grocery store one-half block away.
Baptist Terrace is comprised of 197 studio and one-bedroom apartments specially designed to serve the area’s elderly community. As the new owner, ONIC will renovate all units updating kitchens, bathrooms, and safety features as well as make energy efficiency and mechanical system improvements where needed. The financing terms of the transaction will guarantee affordability for an additional 30 years.
Royal American Management is overseeing the leasing and management of Baptist Terrace. For more information, please dial (407) 841-7207.
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ABOUT THE ORLANDO NEIGHBORHOOD IMPROVEMENT CORPORATION
The Orlando Neighborhood Improvement Corporation (ONIC) is a not-for-profit housing development company that has been developing affordable housing in Central Florida since 1989. ONIC’s mission is to provide stable, thriving communities of opportunity through quality, affordable housing, with engaged residents in a service-enriched environment.
ONIC owns 13 communities in Central Florida totaling 1747 apartment homes, and its total development activity consists of 28 communities of over 3,000 units. Many of these communities have won national, state, and local awards. In June ONIC in partnership with The Related Group completed a 96 unit senior community, called The Preserve at Emerald Villas, in Pine Hills.
ONIC believes that a successful community is more than roofs and walls and has established a resident services program to coordinate enhanced and asset-building activities and services designed to increase the resident quality of life. The program supports residents through the implementation and coordination of activities, services, and programs determined by resident need and interest. The results are satisfied, involved, self-sufficient residents, and healthy, sustainable communities.