Housing Trust & AM Secure Funding & Commence Construction on 95-Unit Affordable Senior Community in Aventura

Housing Trust Group (HTG) is taking a significant step towards addressing the pressing need for affordable housing in the North Miami and Aventura area. In collaboration with AM Affordable Housing, a non-profit founded by NBA Hall of Famer Alonzo Mourning, HTG has secured the financing to commence the construction of 'Oasis at Aventura.' This remarkable project, valued at $37 million, aims to create an 8-story affordable senior community, featuring 95 apartments, located at 18700 Northeast 25th Avenue in Miami-Dade County's Ojus neighborhood.

Affordable Living for Seniors: A Welcoming Oasis

'Oasis at Aventura' is set to provide a much-needed solution for income-qualifying residents aged 62 and older. Those earning at or below 25, 33, and 60 percent of the area median income (AMI) will have the opportunity to reside in this thoughtfully designed community. With monthly rents ranging from $484 to $1,161, this development strives to offer quality living arrangements for the community.

Building a Better Future: Construction and Amenities

Construction for 'Oasis at Aventura' kicked off in November 2023 and is projected to be completed by Spring 2025. The property boasts 95 spacious one-bedroom units and a wealth of amenities, including a multipurpose community room, a state-of-the-art fitness center, a business center, library, lounge area, and expansive outdoor terrace. As a National Green Building Standard Certified property, it will incorporate energy-efficient lighting and appliances. Moreover, its prime location near Aventura Mall and the Brightline Aventura Station makes it even more appealing.

Community-Centered Living: On-Site Programs and Funding

'Oasis at Aventura' goes beyond just providing homes. It offers on-site programs such as Resident Assurant Check-Ins, assistance with light housekeeping, grocery shopping, laundry, and various community events and activities. The project's funding is a testament to its importance, with sources including $21 million in 9% Low-Income Housing Tax Credits (LIHTC), a construction loan of $19.3 million from 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 $2.4 million loan from the Miami-Dade County Affordable Housing Surtax Program.

The Team Behind the Vision: Design and Construction

Realization Architects, Ballast Construction, Sun-Tech Engineering, Inc., B Pila Design Studio, and Witkin Hults + Partners form the team behind the vision of 'Oasis at Aventura.' Together, they are turning this project into a reality, creating a true oasis for affordable senior living in the heart of Miami-Dade County.