Affordable Property Opens Fully Leased
- Apr 23, 2012
Miami—Vista Mar, a 110-unit apartment community in Miami’s Wynwood neighborhood, has opened its doors. The locally based Pinnacle Housing Group developed the affordable housing property, which was 100 percent leased even before completion because of the strong demand for this kind of housing.
The property accommodates residents earning annual incomes that range from 33 percent to 60 percent of the area’s median income. It is not, however, short on amenities, according to the developer. Property features include granite counter tops, stainless steel kitchen appliances and views of Biscayne Bay.
Pinnacle Housing Group also incorporates art into its developments, including this one. Local artist Christian Bernard created the murals on the east and west facades of Vista Mar, which are known as “Color Burst.” Vista Mar is also a LEED-silver certified property.
Miami-Dade is home to one of the nation’s most in-demand affordable housing markets, a need that will only grow with time, says Mitchell Friedman, partner at Pinnacle Housing Group. It’s a niche the company has long occupied, he adds, and which it plans to continue working in. Vista Mar is Pinnacle’s 44th affordable housing community in the United States and 11th in Miami.
In fact, Vista Mar isn’t the first affordable housing property for the company in Wynwood. Pinnacle developed Pinnacle View there in 2001 and Los Sueños in 2007. Wynwood, which is north of Downtown Miami, has seen various kinds of new development in recent years, including art- and fashion-related businesses locating there, as well as the mid-2000s Shops at Midtown retail development, but still has considerable demand for affordable housing.