Richman Opens Miami-Area Affordable Housing
The owner completely redeveloped the 101-unit property from a decommissioned community.
The Richman Group has opened the 101-unit The Landings in Homestead, Fla. In partnership with Miami-Dade County, the owner redeveloped the affordable property from a decommissioned apartment community.
Richman started redevelopment work in 2020, funding the construction with a complex financing package, according to Yardi Matrix data. Florida Housing Finance Corp. provided a $3.4 million loan through the HOME Investment Partnership Program, as well as a $14 million note that was assigned to Citibank and is set to mature in November 2053. Additional financing includes $8.3 million funded by Miami-Dade County.
Affordable Housing South of Miami
The Landings has one-, two- and three-bedroom units ranging from 728 to 934 square feet. Each unit features a fully equipped kitchen, while select units have balconies. Improvements have been made to the structure, roofing, drywall and HVAC, as well as to all interiors and amenity areas. Currently, the common-area amenities include a courtyard, pool, barbecue and picnic area, clubhouse and playground.
Located at 301 NE 11th St. in an Opportunity Zone, the community is half a mile west of Homestead Towne Square and 2 miles east of Homestead Pavilion and Portofino Plaza, with several other retail, dining and entertainment options available within a 1-mile radius. Angelo Mistretta Park is less than half a mile southwest of the property, while Harris Field Park is 1 mile southeast. U.S. Highway 1, providing easy access into Miami, is half a mile east.
Yardi Matrix data shows Richman currently owns more than 23,000 units across the U.S. In January, the firm acquired the PGA Station development site in Palm Beach Gardens, Fla., planning to build 396 one- to three-bedroom units.