Affordable Housing Community Opens in Miami – Multifamily Real Estate News

December 8, 2022December 9, 2022 Admin

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Residences at Dr. King Boulevard sits in an Opportunity Zone within the Liberty City neighborhood.

Image by Devon Janse van Rensburg via Unsplash

Co-developers Atlantic Pacific Communities and Martin Luther King Economic Development Corp., alongside partners Miami-Dade County, the City of Miami, the Florida Housing Finance Corporation, Citi Community Capital and Wells Fargo, have completed Residences at Dr. King Boulevard, a 120-unit affordable housing community in Miami. An opening ceremony is scheduled for December 12th.

Residences at Dr. King Boulevard will serve households earning 20, 60, 80 and 140 percent of the area median income. Atlantic Pacific Property Management will manage the community.

Miami-Dade County District 3 Commissioner Keon Hardemon, City of Miami Chairwoman and District Five Commissioner Christine King, Martin Luther King Economic Development Corp. Executive Director Amina McNeil and Atlantic Pacific Communities’ COO Ken Naylor will attend the event, alongside the development team.

Financing Package

According to Yardi Matrix data, the project’s financing sources included:

a $1.7 million construction loan originated by Miami-Dade County
a $24.6 million construction loan with a two-year maturity date originated by Citibank
a $2 million construction loan originated by Miami-Dade County
a $2 million construction loan originated by the City of Miami

Construction on the property began in 2020 and was initially scheduled for completion in 2021. The community encompasses one-bedroom apartments with floorplans ranging between 550 and 782 square feet. Common-area amenities include a fitness center, a clubhouse, a multipurpose library, a business center and laundry facilities. In-unit amenities consist of stainless-steel appliances and washers and dryers. The property also features covered parking and 494 square feet of retail space on the ground floor.

Located at 1501 NW 62nd St., the community sits in an Opportunity Zone in the Liberty City neighborhood. There are several dining options, schools and green areas in the property’s proximity. North Shore Medical Center is within 3 miles from the community.

Earlier this year, Atlantic Pacific Cos. and Miami-Dude County Public Housing Community Development also opened Northside Transit Village II Apartments in Miami. The 180-unit affordable housing community serves seniors earning between 22 and 60 of the area median income.