Landmark has recently completed the sale of two affordable housing communities in Miami, Malibu Gardens and Sunrise Commons. The properties were purchased by Lincoln Avenue Communities for a combined total of $54.3 million.
The transaction was brokered by Walker & Dunlop, with Eric Taylor leading the team representing both the buyer and seller.
Malibu Gardens was sold for $39 million after undergoing renovations in 2014 using Low-Income Housing Tax Credits (LIHTCs), tax-exempt bonds, HOME Investment Partnerships Program funds, and Miami-Dade County Surtax Loans. This community serves residents earning 40-60 percent of the area median income (AMI) and is located at 13800 S.W. 268th St., Naranja, Fla..
Sunrise Commons was sold for $15.3 million and originally financed with LIHTCs as well as surtax loans from Miami-Dade County / Florida Housing Finance Corporation . It is designated for residents earning either 33 or 60 percent of AMI and is situated at26600 S.W.146th Court in Homestead , Fla.
This recent sale marks Landmark’s successful divestment from these two affordable rental properties in Miami without compromising their affordability status under LIHTC regulations.
