KINNERET INC

What they do

KINNERET, INC. and KINNERET II, INC. (COLLECTIVELY "KINNERET") ARE NOT-FOR-PROFIT CORPORATIONS ORIGINALLY ORGANIZED for THE PURPOSE of PROVIDING HOUSING and SERVICES to ELDERLY and DISABLED MEMBERS of THE GREATER ORLANDO JEWISH COMMUNITY, WHO HAVE LOW or MODERATE INCOMES, and PROVIDING PROGRAMS and SERVICES DESIGNED to MEET THEIR PHYSICAL, SOCIAL, and SPIRITUAL NEEDS. IN CONNECTION WITH ITS MISSIONS, KINNERET PREVIOUSLY OPERATED TWO ADJACENT APARTMENT BUILDINGS. ON SEPTEMBER 23, 2022, KINNERET SOLD THEIR APARTMENT BUILDINGS and ASSOCIATED REAL and PERSONAL PROPERTY LOCATED IN ORLANDO, FLORIDA to AN UNRELATED BUYER and DISCONTINUED OPERATING THE APARTMENT BUILDINGS. THE COMBINED SALE PRICE WAS APPROXIMATELY $57,700,000. THE GAIN ON THE SALE WAS APPROXIMATELY $51,900,000. AS A CONDITION of THE SALE AGREEMENT, THE BUYER is REQUIRED to MAINTAIN THE RELATED PROPERTIES AS LOW-INCOME HOUSING for A PERIOD of TEN (10) YEARS FOLLOWING THE DATE of SALE.