JV Opens Affordable Senior Community in Metro Miami
- May 29, 2019
Housing Trust Group and Miami Jewish Health Systems have opened Douglas Gardens V, a 110-unit affordable community in Pembroke Pines, Fla. The property is available to seniors age 62 and over, with incomes at or below 60 percent of the area’s median income.
Located at 705 S.W. 88th Ave., the asset is just 3 miles of downtown Pembroke Pines, near Florida’s Turnpike to the East and the Ronald Reagan Turnpike to the South. Miami International Airport is within a 30-minute drive of the property, via Interstate 95.
Construction of the $36 million project started in January 2018, having multiple financing sources. U.S. Bank provided a $13 million loan, while the Florida Housing Finance Corp. originated three construction loans totaling $17.8 million. Other funds include $8.9 million of permanent financing from Barings Mass Mutual and $8.4 million in housing credit equity from U.S. Bancorp.
The 4-acre community features one- and two-bedroom units, ranging from 630 to 830 square feet. Common-area amenities include a media room, computer lab and private courtyard with landscaped pathways and gardens. Residents also have access to several services and programs such as health and wellness services, meal programs and extracurricular activities. Douglas Gardens V is part of Miami Jewish Health Systems’ Campus, which includes three previous phases of development totaling 221 affordable independent senior living units.
With rents at the property ranging between $405 and $953 per month, Douglas Gardens V is expected to be 100 percent leased by the end of May, since there is great demand for affordable senior housing in Broward County. According to a recent Shimberg Center for Housing study, almost a third of Broward County renters spend more than 40 percent of their monthly income on rent.
Douglas Gardens V is the third new senior housing community developed by HTG in the county. The company’s local footprint began with Village Place, a 112-unit affordable senior housing community in downtown Fort Lauderdale, and expanded with the recently opened 100-unit affordable senior community in Margate, Fla.