AVENTURA, Fla. — Belmont Village Senior Living has broken ground on Belmont Village Aventura in Aventura, a coastal city approximately 15 miles north of Miami. The luxury project is being built in partnership with Turnberry, a developer of design-driven, amenity-rich residential, hospitality and mixed-use projects. It will be Belmont’s third location in South Florida and is scheduled to open in early 2026. This venture is Turnberry’s first collaboration with Belmont Village Senior Living. Spanning almost 180,000 square feet, Belmont Village Aventura will rise 11 stories. It will feature 153 independent …
LAKEWOOD RANCH, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Lakewood Ranch in Lakewood Ranch, approximately 40 miles south of Tampa. The community offers assisted living and memory care. CPF plans to make improvements to the campus. Grace Management will take over management of the property. The seller, price and number of units were not disclosed. Brett Gardner and the seniors housing team at Walker & Dunlop advised the seller on the transaction.
SARASOTA, Fla. — The United Group of Cos. has completed The Alloro at University Groves, a seniors housing community in Sarasota. The property offers 183 units of “independent living lite,” which the developer describes as a blend of active adult and independent living service levels. Development costs were estimated at $62.5 million. The Alloro at University Groves spans 10 acres of land and features one-bedroom, two-bedroom and penthouse units across its two three-story buildings. In between the two buildings is a 15,000-square-foot clubhouse.
LEISURE CITY, Fla. — Housing Trust Group (HTG) has started construction of Naranja Grand, an affordable housing community for seniors in Leisure City, approximately 25 miles southwest of Miami. The $44 million project is a collaborative effort between HTG and Miami Lakes-based Elite Equity Development. The eight-story property will feature 120 units reserved for income-qualifying residents age 55 and older who earn at or below 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $580 to $1,625. Construction is slated for completion in …
VENICE, Fla. — Ziegler has arranged $10.5 million in bond financing for Jacaranda Trace, a seniors housing community in the Gulf Coast city of Venice. The borrower is Convivial Life Inc. Jacaranda Trace is part of a multi-phase, master-developed campus originally built in 1998 consisting of 436 independent living residences (apartments and villas), 19 assisted living units, 36 memory care units and a clubhouse on approximately 33 acres. In June of 2022, the borrower used a portion of the proceeds of the issuance of 2022 bonds in the total amount …
MIAMI — Pinnacle has hired Lauren Levrant as vice president of affordable development. She will focus on expanding Pinnacle’s affordable housing portfolio, primarily in Miami. Levrant will be responsible for identifying and evaluating potential affordable housing development opportunities in Miami-Dade County, as well as overseeing projects from conception to completion. Levrant started her career as an intern at Pinnacle, and over time was promoted to be a development associate. In 2017, she moved to the West Coast and worked across markets in California, Colorado, Arizona and New Mexico. She most …
SWEETWATER, Fla. — CREI Holdings, a development firm, has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, just west of Miami. Marc Suarez led the Lument team, which provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, the eight-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, …
SPRING HILL, FORT MYERS, NICEVILLE and TALLAHASSEE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of four assisted living communities totaling 173 units in Florida. The properties are located in the municipalities of Spring Hill, Fort Myers, Niceville, and Tallahassee. A seniors housing REIT sold the assets to an operator expanding in Florida. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.
MIRAMAR, Fla. — Pinnacle has received $41.2 million in financing to start construction of Pinnacle at La Cabaña, a 110-unit affordable housing development for seniors in the Miami suburb of Miramar. Construction is scheduled to begin this January. Pinnacle at La Cabaña will consist of one- and two-bedroom apartments with enhancements to ensure adaptability for aging residents. Of the total units, 11 will be available for seniors earning up to 28 percent of the area median income and the remaining will be affordable to seniors earning up to 60 percent …
HALLANDALE BEACH and MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking …