Millennia buys affordable housing complex in Riviera Beach

Global Ministries Foundation sold the 216-unit property

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.

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