The Real Deal Miami

Miami-Dade affordable housing complex sells for $17M

Developer built complex in 1997

September 02, 2015 11:15AM
By Sean Stewart-Muniz

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The Spinnaker Cove Apartments at 18900 Northwest 57th Avenue

The Spinnaker Cove Apartments at 18900 Northwest 57th Avenue

The Cornerstone Group, an affordable housing developer, just sold an apartment complex in western Miami-Dade for $17.1 million.

The sale includes the Spinnaker Cove Apartments, a 220-unit community that’s composed of 13 three-story buildings, located at 19000 Northwest 57th Avenue, according to Miami-Dade County records.

It was developed by Cornerstone in 1997 on 9.5 acres. The group paid $1.845 million for the site a year earlier, property records show.

A tax audit of the property reveals that as an affordable housing project, Cornerstone was made eligible for low-income housing tax credits. On top of that, the developer entered into a “land use restriction agreement” that would keep it compliant with the tax credit program for the next 35 years, even if the project is sold, according to the audit from the Maryland-based Reznick Group.

Last week, a deed was filed that transferred ownership between a Cornerstone affiliate to Spinnaker Cove Associates LTD for $17 million. State corporate records show the company is linked to both Ezra Rubin and a family partnership headed by Stuart I. Meyers, who is the chairman and CEO of Cornerstone.

Meyers co-founded Cornerstone in 1993 with his partner Jorge Lopez. Corporate records show that the sale is tied to a company titled SIM Family Holdings, managed by Meyers.