Related Cos. Buys Miramar Affordable Housing for $48M
By Julia Echikson October 3, 2023 6:48 pm
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Stephen Ross’s Related Companies paid $48 million for an affordable housing complex in Miramar, Fla., property records show.
Called Sorrento, the property features 320 units across 13 three-story buildings, located between 8991 and 9577 SW 41st Street, just north of the Ronald Reagan Turnpike.
The seller, Zom Living, completed the complex in 2012 with financing from the federal Low Income Housing Tax Credit program, along with various state and county debt financing programs.
Rents range from $826 for a one-bedroom unit to $1,382 for a three-bedroom apartment, and prospective tenants must earn between 50 percent and 60 percent of the area median income in Broward County.
Related secured a $25 million acquisition loan from Berkadia, according to property records.
The purchase marks the New York-based firm’s latest expansion in South Florida since divesting from Jorge Pérez’s Related Group last year.
In Miami, Related Companies is developing an 80-story office building, though the project recently hit a snag. During the demolition of the existing building last week, a large piece of concrete fell onto the road below, halting work on the site.
In West Palm Beach two years ago, Related purchased an affordable housing rental building for $65 million. Earlier this year in a blockbuster deal, the developer paid $195 million for the development site of a Robert Stern-designed luxury condo building.
Julia Echikson can be reached at jechikson@commercialobserver.com.
