Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Oasis at Aventura, a new $37 Million affordable senior community with 95 apartments in Miami, Florida. The community is the latest joint venture between HTG and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning.
Apartments at Oasis at Aventura will be reserved for income-qualifying residents aged 62 and older who earn at or below 25, 33, and 60 percent of the area median income (AMI). Monthly rents will range from $484 to $1,161. Construction is scheduled to commence in November 2023, and the property is expected to be completed by Spring 2025.
“There’s a significant need for affordable housing as the North Miami and Aventura area undergo a residential building boom and a wave of infrastructure improvements to meet the community’s needs for its growing population,” said Matthew A. Rieger, President and CEO of HTG. “As rental rates continue to escalate, we are thrilled to be contributing to the community’s demand for top-quality and affordable housing that is in close proximity to the best South Florida has to offer."
Located at 18700 NE 25th Avenue, Oasis at Aventura will be an eight-story residential building featuring 95 generously sized one-bedroom units. Residents will have access to an array of amenities, including a spacious multipurpose community room, a state-of-the-art fitness center, business center, library and lounge area, and featured amenities on the expansive outdoor terrace. The National Green Building Standard Certified-property will also have energy-efficient lighting and appliances. The property is ideally located near Aventura Mall and the new Brightline Aventura Station, with short commutes to Publix, The Fresh Market, and Walgreens. Surrounded by the many new upcoming developments in the Ojus Neighborhood.
Residents will also benefit from a range of complimentary on-site programs, including Resident Assurant Check-Ins, assistance with light housekeeping, grocery shopping, laundry, and various community events and activities.
Funding sources include $21 million in 9% Low-Income Housing Tax Credits (LIHTC) equity syndicated through Raymond James, a construction loan of $19.3 million provided by JP Morgan Chase Bank, a permanent Freddie Mac loan of $7.5 million through Berkadia, a Florida Housing Finance Corporation Viability Loan of $4.3 million and a loan of $2.4 million from the Miami-Dade County Affordable Housing Surtax Program.
The design and construction team for Oasis at Aventura includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, Inc., interior design by B Pila Design Studio, and landscape architecture by Witkin Hults + Partners.
