BY DAN HILDEBRAN
General manager
STARKE— A Panama City-based real estate partnership has sold the Orangewood Apartment complex on Starke’s South Water Street to a similar partnership for $2,950,000.
Orangewood Apartments, LTD, with Royal American Development, Inc. as its general partner, sold the 5.7 parcel with nine apartment buildings and one office building to Orangewood Preservation LP, with Waddell Plantation, Inc. as the general partner on November 29.
The two general partners have two officers in common: Jeannette B. Chapman serves as a director of Royal American and as president of Waddell Plantation. Lauretta J. Pippin serves as secretary of both entities.
Orangewood Apartments, LTD. constructed the complex in 1984. The Bradford County Property Appraiser values the complex at $1,383,757.
The buyer assumed a $1 million loan payable to the U.S. Department of Agriculture’s Rural Housing Service and signed a restrictive covenant limiting the use of the property to providing housing to very low-, low- or moderate-income tenants.
