Pinnacle Housing Group just sold one of its affordable housing complexes in North Miami Beach for $24.5 million to Treetop Development, property records show.
New Jersey-based Treetop paid about $108,000 per unit for Pinnacle Lakes at 18701 Northeast Third Court using the companies, TriSun 57th Avenue LLC and TT Family Pinnacle LLC. Treetop financed the deal with a $16.95 million loan from Argentic Real Estate Finance.
The 15-acre complex features 226 subsidized apartments and was built in 1971. Pinnacle paid $5.5 million for the development in 2002, according to property records.
HFF’s Doug Childers, Jaret Turkell and Maurice Habif represented the seller.
Pinnacle Housing Group develops, builds, leases and owns affordable housing, mostly concentrated in Florida, Mississippi and Texas. In Miami-Dade, the company owns or manages 3,888 apartments. It’s currently building Caribbean Village, a 123-unit affordable rental complex at 19755 Southwest 110th Court, just north of Southland Mall.
Treetop is mostly active along the East Coast in markets like New York, New Jersey and Pennsylvania. Last year, it paid $135 million for a four-building rental complex in Far Rockaway. It’s also building two rental buildings in South Bronx.