Round Hill Capital Invests in 2nd Florida Property
- Dec 18, 2019
Round Hill Capital has jumped into another Florida workforce housing project by investing equity capital in Affiliated Development’s The MID that is expected to open early 2021.
Located at 1601 N. Dixie Highway in Lake Worth Beach, Fla., The MID will offer 230 rental units at discounted rental rates compared to other surrounding metro properties for the growing workforce population in the area. The property’s amenities will include a pool, a fitness room, a community room, a co-working facility, a private dog park, full-time concierge and gated private parking. The MID will also have 10 live-work spaces on the ground floor.
Being a workforce housing project, The MID received $5.1 million in gap financing and tax rebates from the Lake Worth Beach Community Redevelopment Agency and the City of Lake Worth Beach for creating the much-needed housing.
BRINGING MORE HOUSING TO SOUTH FLORIDA
Rob Reiskin, Round Hill’s senior managing director & head of Americas, said in a prepared statement that the need for reasonably-priced housing options in South Florida is greater than ever. According to Round Hill, investing in The MID is part of its strategy of targeting opportunities that bring positive social impact.
Similarly, the first project that Round Hill and Affiliated worked on together was also part of that mission. In April, the European investors joined Affiliated in its 142-unit workforce housing project in Fort Lauderdale, Fla., called The SIX13.
Michael Bickford, Round Hill’s president & CEO, said in a statement that the company will continue focusing on the U.S. residential market and have a strong investment pipeline that will expand their presence in the states.