Atlantic Pacific Cos. Opens Affordable Senior Community in Miami
The 180-unit community will house seniors earning between 22 and 60 percent of the area median income.
Miami-Dade County Public Housing and Community Development and Atlantic Pacific Cos. have opened the 180-unit Northside Transit Village II Apartments in Miami. The property offers affordable housing to senior individuals earning between 22 and 60 percent of the area median income.
According to Yardi Matrix data, Wells Fargo Bank provided $20.8 million in construction funding in 2020, while Miami-Dade County PHCD SURTAX funds partially financed the project with $7.2 million. Florida Housing Finance Corp. and National Housing Trust provided additional subordinate funding. Atlantic Pacific Property Management will manage the property.
Close-up on Northside Transit Village II
Miami-Dade County holds a 55-year unsubordinated net ground lease on the property set to expire in 2066. Due to Section 42 provisions, the property will remain rent-restricted through 2070, according to Yardi Matrix. The development comprises 180 one-bedroom units, ranging from 548 to 638 square feet. Community amenities include a fitness center, business center, office, playground and open courtyard. The property also features 2,400 square feet of retail space.
Located at 3181 NW 77 St., the community is adjacent to the Northside Transit Metrorail Station and across from a Walmart Supercenter. Gwen Cherry Park is less than 2 miles southeast of the property, while Northside Shopping Center is less than a mile northeast. Downtown Miami is some 8 miles southeast and Miami International Airport is some 5 miles southwest.
Last month, Atlantic Pacific Cos. broke ground on the 75-unit third phase of Saratoga Crossings in Dania Beach, Fla. The community is planned to include units reserved for individuals with intellectual and developmental disabilities.