Related Picks Up 320-Unit Affordable Housing Project in Miramar, Florida

Related Companies recently completed the acquisition of Sorrento, an affordable housing community located in Miramar, Florida. 

The new Related purchase: This property comprises 320 garden-style apartments and offers income-restricted apartments through the Low Income Housing Tax Credit (LIHTC) program, specifically at addresses 8991 and 9577 Southwest 41st Street. 

The history behind Sorrento: ZOM Living constructed the property in 2012, funding it initially through the federal Low Income Housing Tax Credit Program along with various state and county debt financing programs, and Related got Sorrento from Zom Foxcraft, a subsidiary linked to ZOM Living and NRP Group, for a total of $48.2 million, amounting to approximately $150,625 per unit. Sorrento features 320 garden-style apartments and offers income-restricted units through the Low Income Housing Tax Credit (LIHTC) program, specifically at addresses 8991 and 9577 Southwest 41st Street. 

Sorrento in numbers: The apartments at Sorrento are spacious, featuring one-, two-, and three-bedroom floor plans ranging from 651 to 1,187 square feet, distributed across 13 three-story buildings. The units are equipped with private balconies, granite countertops and energy-efficient appliances. Rental rates vary from $826 for a one-bedroom unit to $1,382 for a three-bedroom apartment. Prospective tenants must meet specific income criteria, generally falling within the 50% to 60% range of the area median income in Broward County.

The facilities available: The building offers several perks for tenants, like a swimming pool, a fitness center, a clubhouse, a resident pavilion with a barbecue area, a resident lounge, and a computer lab. 

Location, location, location: Situated in Miramar, a significant suburb in Broward County of South Florida's Miami metropolitan area, Sorrento enjoys a strategic location near major transportation hubs such as I-75, I-95, Florida’s Turnpike, and the Ronald Reagan Turnpike. Additionally, it falls within a highly regarded school district and offers amenities comparable to those in market-rate apartment projects of similar age.

The acquisition of Sorrento by Related Companies aligns with the escalating demand for affordable housing in South Florida. This growing need is propelled by a surge in population and a corresponding housing shortage. Related Companies’ investment in Sorrento showcases their commitment to bolstering the region's affordable housing sector.