In 2013 Fannie Mae (FNMA) foreclosed and took control and ownership of seven multi-family apartment complexes in Orlando that had been neglected and were subject to bankruptcy protection by the previous owners.  This action along with prior years of neglect in the Greater Washington Shores area (Lake Sunset/Clear Lake) and Mercy Drive neighborhoods have created unprecedented blight in these areas.  The complexes are held in the name of CAM DISPOSITION HOLDCO, LLC. The apartment locations are depicted on the attached Location Map. 

Since 2013, the complexes have remained for the most part unrentable, vacant, and boarded up in varying degrees of uninhabitable condition needing considerable attention to deferred maintenance, repairs, rehab, replacements, and most probably demolition.  In 2014, FNMA considered listing the properties for sale to the public.  In an effort to encourage quality redevelopment and help stabilize the surrounding neighborhoods, the City has negotiated with Fannie Mae to purchase the seven foreclosed properties.  It is the City's goal to partner with developers interested in long term, mixed income or affordable housing communities that complement the surrounding neighborhoods.

The City contracted for an independent appraisal that took into account the complexes conditions being mostly unrentable and substandard compared to properties of similar age and construction.   In negotiations with FNMA, the City agreed to pay an additional $230,000 total to partially offset FNMA’s holding costs while the complexes were fenced, and the buildings were boarded up and secured for public safety. The complexes are summarized below along with the recent appraised values and negotiated sale prices.  The City will sell Orange Manor, Washington Shores, and Nichols Apartment complexes to Lift Orlando, Inc., a Florida non-profit, who will own and manage the redevelopment of the three properties.

Apartment Name/Units               Address                                    Market Value     Sale Price

Orange Manor/64                       2205 Orange Center Blvd.          $   616,000.00   $   637,411.52

Washington Shores/256             2021 Orange Center Blvd.          $2,115,000.00    $2,188,515.19

Nichols/58                                 541 S. Cottage Hill Rd.              $   387,000.00   $   400,451.72

Bordeaux I/II/84                         1742/1770 Mercy Dr.                  $1,065,000.00    $1,102,018.29

Lakeside Village/120                  1740 Mercy Dr.                          $1,474,000.00    $1,525,234.70

Peppertree Circle/40                  1471 Mercy Dr.                          $   360,000.00   $   372,513.22

Peppertree Shores/58                1014 Mercy Dr.                          $   600,000.00   $   620,855.37

                                                                                                --------------------    --------------------

                                                                                                $6,617,000.00    $6,847,000.00