Affordable Senior Housing Project Coming to South FL
Pinnacle Housing Group began work on a 120-unit project in Hollywood. Construction of Pinnacle at Peacefield is expected to take roughly two years.
In partnership with the City of Hollywood, Fla., Pinnacle Housing Group has broken ground on Pinnacle at Peacefield, a 120-unit affordable housing development for seniors over 62. According to Yardi Matrix, the developer took out a $22 million loan for the construction of the community. Citibank funded the financing at the end of last year. Completion is scheduled for early 2020.
Located at 2130 Adams St., the property will be within a 50-minute drive of downtown Miami. The project is being built on land assembled by the City of Hollywood and the Hollywood Community Redevelopment Agency. Pinnacle at Peacefield is set to encompass 72 one- and 48 two-bedroom units in three low-rise buildings. Projected rents will range from $380 to $835 for a one-bedroom apartment and between $456 and $1,022 for a two-bedroom unit. Amenities are slated to include:
- lounge/meeting space
- computer center
- outdoor patio
- fitness facility
- medical evaluation room
Roughly one year ago, the same affordable housing developer completed the construction of Pinnacle Heights, a 109-unit, mixed-income rental community in northwest Miami. The $35 million project is dedicated to residents earning 60 percent or less of the area’s median income.
Image courtesy of Pinnacle Housing Group