Atlantic | Pacific completes affordable housing project in Fort Lauderdale
Rents range from $408 to $1,131 for nearly fully leased project
UPDATED June 14, 2 p.m.: Atlantic | Pacific Communities, an arm of Atlantic | Pacific Companies, just completed the fifth phase of an affordable housing project in Fort Lauderdale.
Northwest Gardens V, phase five of the development at 700 Northwest 12th Avenue and 100 Southeast 18th Avenue, will bring 100 new units and 100 redeveloped units to the city, the company announced. The units range from 666 square feet to 1,214 square feet with one-, two- and three-bedrooms ranging in monthly rent from $408 to $1,131.
A|P worked with the Housing Authority of the city of Fort Lauderdale to set units aside for residents making 60 percent or below the area median income, according to a release.
The $40 million in financing for phase five was provided by Bank of America, Barings Real Estate Advisers, Broward County Housing Finance Authority, Florida Housing Finance Corporation and the HACFL.
Northwest Gardens V broke ground last year in April. A|P Communities’ Lindsay Lecour, vice president of development, said units are nearly 100 percent leased.
“That’s pretty common for affordable housing,” Lecour said, adding the project should secure a temporary certificate of occupancy by the end of this week.
Amenities include a fully furnished clubhouse, a computer lab, library, community gardens and a bocce ball court.
The Northwest Gardens project is the first in the Southeastern U.S. to be pre-certified LEED Neighborhood Gold, which is akin to a gold star in neighborhood sustainability, the company said.
In 2015, Atlantic | Pacific grew its South Florida portfolio by 2,000 residential units in Brickell, the Miami Design District, Miami Beach, Fort Lauderdale and Delray Beach.
The privately owned real estate company’s portfolio includes Apogee Hollywood and MyBrickell. In 2013, Atlantic |Pacific acquired Carlisle Development Group’s affordable housing division.
Other nearby affordable housing projects in Fort Lauderdale include the Housing Trust Group’s Village Place Apartments, which is a $25 million affordable housing project for seniors aged 55-and-older who earn between 25 percent and 60 percent of the area’s median income.
Atlantic | Pacific is also building in Miami’s Overtown neighborhood. It partnered with Palmetto Homes to build Island Living, an eight-story building with 70 units and ground-floor commercial space.