MIAMI — Housing Trust Group (HTG) and AM Affordable Housing have opened Oasis at Aventura, a new affordable seniors housing community in Miami. Totaling 95 units across eight stories, the property was developed for $38 million.
Apartments at the community, which feature a one-bedroom layout, are reserved for residents age 62 and older earning at or below 25, 33 and 60 percent of the area median income. Monthly rental rates range from $555 to $1,369.
Amenities at Oasis at Aventura include a fitness center, community room, library, resident lounge, an outdoor terrace, bocce ball court, barbecue grilling station and Amazon lockers. The community offers on-site resident services including check-ins, light housekeeping, grocery and laundry assistance and social and wellness activities.
Ballast Construction served as the general contractor for the project, with Realization Architects acting as the architect. Sun-Tech Engineering was the civil engineer, with B. Pila Design Studio and Witkin Hults + Partners providing interior design and landscape architecture services, respectively.
Funding sources for the development included $21 million in 9 percent low-income housing tax credit equity, which was syndicated by Raymond James; a $19.3 million construction loan from JP Morgan Chase Bank; an $8.8 million permanent Freddie Mac loan through Berkadia; a $4.3 million Florida Housing Finance Corp. viability loan; and a $2.4 million loan from the Miami-Dade County Affordable Housing Surtax Program.This marks the ninth community delivered by HTG and AM Affordable Housing Group.