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Atlantic|Pacific Communities — a fourth-generation real estate company with offices in Florida, Georgia, Texas and California — has received Low-Income Housing Tax Credits from the Florida Housing Finance Corp. for two South Florida projects.
Sailboat Bend II will be a 110-unit affordable housing development for seniors age 55 and over on the New River in Fort Lauderdale. Residences at Dr. King Boulevard will be a 120-unit project at Martin Luther King Boulevard and Northwest 15th Avenue in Liberty City, Miami.
The MLK project will be built to ICC 700 National Green Building Standard and include modern appliances, a furnished clubroom and a fitness center. It is being developed in partnership with the Martin Luther King Economic Development Corp., a nonprofit dedicated to the development of Martin Luther King Boulevard.
A|P Communities Senior Vice President Lindsay Lecour said both deals are in predevelopment and should close in 2019, with construction complete in 2020.
To rent the affordable units, tenants must provide documentation verifying that they make no more than 60% of the area median income. The area median income for Miami-Dade County is $52,300. In Broward County, it is $65,700.
Rents at Sailboat Bend will range from $424 for a one-bedroom to $1,377 for a two-bedroom. At the MLK project, which consists only of one-bedroom units, rents will range from $413 to $1,100.
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