DULUTH – The historic Greysolon Plaza in downtown Duluth has been sold for more than $17.4 million.

The 150-unit affordable-housing complex formerly known as the Hotel Duluth was sold by Sherman Associates to Orbach Affordable Housing Solutions, a New Jersey-based property manager.

“The location coupled with the favorable Duluth rental market fundamentals created a unique opportunity for Orbach Affordable Housing Solutions, who was looking to plant a flag in the Duluth affordable housing arena,” according to a news release from JLL Capital Markets, which facilitated the sale and said the building drew “multiple bids.”

Orbach was formed in 2016 with a mission to “create and preserve affordable housing” and is expected to continue operating Greysolon as low-income housing.

“We are committed to ensuring high-quality housing for all income levels and we pledge to continue preserving the affordability of these units for generations to come,” Meyer Orbach, chairman of the company, said in a statement.

Built in 1924, the Greysolon’s 14-story towers are a prominent part of Duluth’s downtown skyline. The building was converted from 450 hotel rooms to 150 one-bedroom apartments for seniors in the 1980s, according to Zenith City Press.

President John F. Kennedy stayed at the hotel in 1963.

Sherman Associates, of Minneapolis, has left a lasting mark on Duluth with construction of the Sheraton Hotel across the street from Greysolon Plaza; rehabilitation of the NorShor Theatre; and the transformation of several former schools into apartment buildings. The company took over the Greysolon in 2006.