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
Clockwise from top left: One Sotheby’s Jorge Uribe, Compass' Ida Schwartz, Fortune International Group's Edgardo Defortuna and Royal Palm Companies' Dan Kodsi (Illustration by Kevin Rebong for The Real Deal)
Slowdown hits South Florida’s hot resi market: Here’s what that means
Slowdown hits South Florida’s hot resi market: Here’s what that means
(Illustration by The Real Deal with Getty Images)
South Florida’s June resi sales drop by double digits
South Florida’s June resi sales drop by double digits
(iStock/Illustration by The Real Deal)
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
Miami again ranks as nation’s least affordable housing market, followed by LA, NY
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
US HUD Secretary Marcia Fudge (Getty, iStock)
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
arrow_forward_ios

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

Loading...