Miami rental development draws $46.4 million construction loan

Pinnacle Housing Group and Ascend Properties expect to finish building Oasis at Blue Lagoon in mid-2019

Miami /
Dec.December 24, 2017 09:00 AM

Oasis at Blue Lagoon rendering

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


Related Articles

arrow_forward_ios
800 South Dixie Highway and Location Ventures ceo Rishi Kapoor (Location Ventures, Orduna Courts, Getty)
Location Ventures sells Coral Gables luxury student co-living building
Location Ventures sells Coral Gables luxury student co-living building
From left: Sandra Fiorenzo and Heinrich Von Hanau with 1003 and 1004 Links Estates Drive
Heinrich Von Hanau sells two Links Estates lots for $13M
Heinrich Von Hanau sells two Links Estates lots for $13M
Enrique Manhard and one of his purchased lots (Facebook, Google, Getty)
Enrique Manhard, Miami’s great land gambler
Enrique Manhard, Miami’s great land gambler
17141 Collins Ave, Sunny Isle
Muse Residences in Sunny Isles Beach tops weekly condo sales
Muse Residences in Sunny Isles Beach tops weekly condo sales
Prive at 5000 Island Estates Drive in Aventura (Condo.com, getty)
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Privé in Aventura closing tops Miami-Dade’s weekly condo sales
Habitat Group's Santiago Vanegas with 39 Northwest Seventh Avenue in Little Havana (Habitat Group, Google Maps)
Habitat Group sells Little Havana apartments to LA investors for $15M
Habitat Group sells Little Havana apartments to LA investors for $15M
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Coldwell Banker's Danny Hertzberg (Jills Zeder Group, iStock)
Renting homes to the ultra-wealthy brings its own set of headaches
Renting homes to the ultra-wealthy brings its own set of headaches
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...