Resia Lands $60M for Miami Development
The project is scheduled to come online next year.
Resia, formerly AHS Residential, closed on financing for a project that is underway, Resia Old Cutler, a 390-unit multifamily community located in Miami. The financing consists of a $60 million construction loan provided by PNC Bank. Development has kicked off at the end of the second quarter and completion is expected for the third quarter of 2023.
The property will be located on Old Cutler Road and SW 107th Avenue and will consist of one-, two- and three-bedroom units with stainless steel appliances and in-unit laundry.
Common-area amenities will include a business center, a fitness center, two clubhouses and two swimming pools. Resia Old Cutler will have eight three-story buildings and 10 units in five duplex townhomes that will be handed out to the Miami-Dade County Homeless Trust. The 390 units of Resia Old Cutler will be affordable to families making up to 140 percent of the Area Median Income.
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The development is the company’s 15th project in Miami. Resia is set to provide help in alleviating the housing crisis across the U.S., its goal being to deliver 8,000 new units each year until 2025, according to the company.
A recent Yardi Matrix report shows that 3,256 multifamily units were delivered across South Florida in 2022 as of April. While rent growth in the region is among the highest in the nation, the area continues to have one of the largest multifamily pipelines in the country, with 38,683 apartments under construction as of late July across South Florida, the same data provider shows.
Resia has an active pipeline across several other Sun Belt metros, including Atlanta, Dallas and Houston. One of the company’s largest projects is Ten Oaks in West Houston, a 576-unit development, slated for completion in 2024.