Pinnacle Housing Group and Ascend Properties got a $46.4 million construction loan to build a 272-unit apartment complex near Miami International Airport.
Pinnacle and Ascend expect to finish construction of the Oasis at Blue Lagoon apartments at 6650 Northwest 7 Street in Miami in mid-2019.
The development firms also secured a preferred equity investment in the development by Arbor Realty Trust, Inc.
Oasis at Blue Lagoon will have one-, two- and three-bedroom units in two eight-story buildings. Monthly rents will range from $1,780 for a one-bedroom apartment to $2,590 for a three-bedroom apartment. The average size of the apartments will be 950 square feet.
The development also will feature two four-story garages, a 9,000-square-foot clubhouse with a gym and an infinity-edge swimming pool overlooking 20-acre Lake Mahar.
The construction of Oasis at Blue Lagoon will start amid surging demand for rental housing in Miami-Dade County.
The National Multifamily Housing Council and the National Apartment Association recently predicted that the number of rental households in Miami-Dade will grow from 470,000 to 700,000 by 2030. – Mike Seemuth