Green Affordable Apartments Open Fully Leased in South Florida
- May 23, 2012
Sunrise, Fla.—The Pinnacle at Avery Glen, an affordable apartment property in the Broward County town of Sunrise, has opened completely occupied. The 140-unit complex, developed by Pinnacle Housing Group, includes 36 one-bedroom, one-bath garden apartments; 68 two-bedroom, two-bath garden apartments; and 36 three-bedroom, two-bath garden apartments. The units range from just over 750 square feet to about 1,180 square feet.
Rents are $777 to $1,075, with annual adjustments in median income used to determine rates in individual cases. Twenty-eight total units in the development have rents set aside for low-income households, with rents ranging from $324 to $448. Unit amenities include ceramic tile throughout, solid surface countertops in kitchen with decorative tile backsplashes, cultured marble vanity tops, and computer workstations in most units.
The developers used $6.19 million in Tax Credit Exchange Program (TCEP) funds provided through the American Recovery and Reinvestment Act (the 2009 stimulus) and awarded by Florida Housing Finance Corp. Other funding included $2.3 million in permanent mortgage financing by Wells Fargo Bank, with additional construction financing of $2.2 million; $17.2 million in equity (Wells Fargo) raised using Housing Tax Credits awarded by Florida Housing Finance Corp. as well as $250,000 in Broward County HOME Program funds.
In addition to being affordable rental housing product, the property has received the Florida Green Building Coalition certification. The coalition is a nonprofit dedicated to promoting sustainability through regional education and certification programs. “We create and operate our products, both inside and out, with an eye towards how they will perform for our residents today, tomorrow, and 30 years from now,” Timothy P. Wheat, regional vice president at Pinnacle Housing Group, tells MHN. “Green building is an important component of that effort.”
Green features at Pinnacle at Avery Glen include Energy Star appliances, high-efficiency AC with ceiling fans, enhanced building insulation, efficient use and recycling of building materials, Low VOC paint, and efficient irrigation and drought-tolerant plants that won the property a Florida Yards and Neighborhoods Certification. The property was also built for long-term storm resistance (an important consideration in Florida) for future market competitiveness, notes Wheat.
One of the property’s more unusual amenities is the public art located at the community’s landscaped rotary entrance, entitled “With Flying Colors.” The piece is a kinetic sculpture that moves with the slightest wind. According to the sculptors of the art, Colleen Kelley and Nicholas Nehaniv, it represents “meeting great obstacles beyond human power, and sometimes, just flowing with the wind is the best solution.” The Miami Beach-based husband-and-wife team of sculptors have created numerous large-scale sculptures permanently installed throughout South Florida.