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Lincoln Avenue pays $54M for southwest Miami-Dade apartment complexes
Santa Monica, California-based firm acquired two affordable housing rental communities with a total of 365 units
A photo illustration of Lincoln Avenue CEO Jeremy Bronfman along with Malibu Gardens at 13700 SW 268th Street (top) and Sunrise Commons at 26600 SW 146th Court (bottom) (Getty, Lincoln Avenue, Sunrise Commons, Google Maps)
Lincoln Avenue Communities bought a pair of southwest Miami-Dade County apartment complexes for a combined $54.2 million.
The Santa Monica, California-based real estate investment firm picked up Malibu Gardens at 13700 Southwest 268th Street in the unincorporated neighborhood of Naranja, and Sunrise Gardens at 26600 Southwest 146th Court in Homestead, according to a press release. The properties have a combined 365 affordable housing units.
Lincoln Avenue paid $39 million for Malibu Gardens and $15.2 million for Sunrise Gardens. The deal breaks down to $150,580 per unit and $143,396 per unit, respectively.
A Walker & Dunlop team led by Aaron Hargrove and Eric Taylor represented Lincoln Avenue and the seller, an affiliate of Miami-based Landmark Development Corporation.
In 2008, Landmark paid $750,000 for the 2.2 acre site where it built Sunrise Commons, a five-story building with 106 low-income housing units, records show. The project was completed in 2009.
Sitting on 18.2 acres, Malibu Gardens is a rental complex of two-story buildings completed in 1995, records show. Landmark paid $7.5 million in 2020 for the apartment community with 259 low income housing units, and renovated Sunrise Commons a year later.
All apartments at Sunrise Commons are restricted to households making 33 percent or 60 percent of the $74,700 area median income in Miami-Dade, the release states. At Malibu Gardens, all the units are restricted to households making 40 percent, 50 percent or 60 percent of the county’s area median income.
Led by CEO Jeremy Bronfman, Lincoln Avenue focuses on affordable and workforce housing, with a portfolio of 120 multifamily properties with more than 22,000 apartments in 26 states, the release states. In Florida, the company is currently building a 324-unit affordable housing rental project and a 248-unit senior housing development, both near Bradenton in Manatee County, according to published reports.
Landmark, led by President Robert Saland, is currently developing new affordable housing projects across South Florida. In June, the firm paid $3.2 million for a development site in Dania Beach. A month later, Landmark secured $32.9 million in construction financing to build The City Place Apartments, a 99-unit complex that will be restricted to renters who make 60 percent of Broward County’s $64,522 annual median income.
In April, Landmark and its partner, Magnolia Affordable Development, an entity managed by executives of the West Palm Beach Housing Authority, nabbed a $19 million tax-exempt construction loan to build Autumn Ridge, a 106-unit apartment project in West Palm Beach. The proposed development will provide housing for seniors 62 years old and up, and who make up to 80 percent of the $68,874 area median income in Palm Beach County.