Lincoln Avenue Communities has purchased Sunrise Commons and Malibu Gardens, two affordable housing communities, totaling 365 units, in the Miami metropolitan area. Landmark Cos. sold the assets for a combined $54.3 million.
Walker & Dunlop brokered the transaction, with Managing Directors Eric Taylor and Aaron Hargrove from the Affordable Investment Sales team working on behalf of both parties.
The two Low-Income Housing Tax Credit communities will keep their affordability.
Landmark Cos. sold the 259-unit community for $39 million. Yardi Matrix data shows that in 2013, the previous owner financed the asset with a $12 million loan held by Housing Finance Authority of Miami-Dade County—due 2046—as well as a $1.7 million loan held by Miami-Dade County.
In 2014, Malibu Gardens was rehabbed using 4 percent LIHTCs, tax-exempt bonds, HOME Investment Partnerships Program funds and Miami-Dade County Surtax Loans. The property serves residents earning 40, 50 and 60 percent of the area median income.
Located at 13800 S.W. 268th St. in Naranja, Fla., Malibu Gardens encompasses 17 buildings with one-, two-, three- and four-bedroom floorplans ranging between 630 and 1,255 square feet. Common-area amenities include a swimming pool, a clubhouse, laundry facilities and approximately 520 parking spaces.
Sunrise Commons changed hands for $15.3 million. The community was originally financed with 9 percent LIHTCs and Miami-Dade County / Florida Housing Finance Corporation surtax loans. The property is designated for residents earning 33 or 60 percent of AMI, pursuant to the LIHTC and Surtax Land Use Restricted Agreements.
Located at 26600 S.W. 146th Court in Homestead, Fla., the 106-unit community incorporates one-, two- and three-bedroom apartments ranging between 691 and 1,127 square feet. Common-area amenities include a fitness center, a business center, a clubhouse, laundry facilities, and roughly160 parking spaces.
Demand for affordable housing remains high
According to data from Miami Homes for All, demand for more affordable housing in the region remains elevated. Miami-Dade County has a deficit of 135,000 affordable units for renters earning half of the AMI or less, up 14,000 units since 2020.
Lincoln Avenue’s recent activity in Florida included obtaining $136 million in financing for the construction of two adjacent affordable communities in Bradenton, Fla., totaling 570 units.
Gillian Executive Search is a leader in Affordable Housing Development, Financing, Design and Construction recruiting. www.gessearch.com