Millennia buys affordable housing complex in Riviera Beach

Global Ministries Foundation sold the 216-unit property

Miami /
Jan.January 11, 2019 02:30 PM

Millennia CEO Frank Sinito and Stonybrook Apartments in Riviera Beach

The Global Ministries Foundation just sold an affordable housing complex in Riviera Beach to The Millennia Companies, property records show.

GMF-Stonybrook LLC, an affiliate of Cordova, Tennessee-based Global Ministries Foundation, sold the Stonybrook Apartments at 1555 Dr. Martin Luther King Jr. Boulevard for $16.3 million. Millennia financed the deal with a $39 million loan from Monticello Structured Products LLC, possibly with plans to renovate.

Millennia was already managing the property as a first step to purchasing it, according to the New Times Broward-Palm Beach. The newspaper reported in July that code enforcement had condemned 30 of the units due to black mold, roaches, broken fire alarms and other issues.

Cleveland-based Millennia focuses on acquiring, renovating and managing affordable and market-rate housing east of Arizona, with more than 37 units in 27 states, including Texas, Ohio, Kentucky, New York, and Florida, according to its website.

The Riviera Beach property last sold for $12.2 million in 2012 and is set aside for households making 30 percent or less of the area’s median income. The 216-unit complex, built in 1972, sits on 8.7 acres. It has central air conditioning, a playground and two- and three-bedroom apartments, according to its website.

In December, Millennia paid $52 million for another portfolio of affordable housing units in Jacksonville from Global Ministries Foundation, which spent little on the maintenance of the properties and triggered a city code-enforcement raid.


Related Articles

arrow_forward_ios
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Arbor Management Acquisition Company heads Ivan Kaufman and Maurice Kaufman with a rendering of Aventura Park (Anillo Toledo Lopez, iStock)
Arbor Management buys multifamily dev site near Aventura for $10M
Arbor Management buys multifamily dev site near Aventura for $10M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
arrow_forward_ios

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

Loading...