ZOM Living And NRP Group Complete Sale Of Monterra Rental Community In Cooper City, Florida

Monterra - Cooper City - Entrance. Credit: ZOM Living, NRP Group.
ZOM Living, in partnership with NRP Group, has completed the sale of Monterra, an award-winning affordable housing community at 2601 Solano Avenue, Cooper City, in Broward County. The 300-unit, garden-style apartment community, offers LIHTC income-restricted apartments. The ZOM/NRP partnership also developed nearby Sorrento at Miramar, a 320-unit rental community financed through the federal Low Income Housing Tax Credit Program and various state and county debt financing programs.

Monterra – Cooper City – Entrance. Credit: ZOM Living, NRP Group.

In 2012, Monterra was a National Pillars Award Finalist for Best Affordable Apartment Community, sponsored annually by the National Association of Homebuilders.
“This sale reflects the importance of affordable housing in South Florida, especially at a moment when the state is experiencing inbound migration, and there is a need for more affordable multifamily products to accommodate this growth,” said Greg West, CEO of ZOM Living. “We built this community ten years ago, and we have seen the property maintain strong value and resident demand with the occupancy rate consistently hovering over 98% .since the completion of lease-up.”
Monterra is situated near multiple transportation nodes with easy access to I-75, I-95, Florida’s Turnpike, and the Ronald Reagan Turnpike. The rental community is located in a highly-ranked school district, is pet-friendly, and is surrounded by the best dining, shopping, and entertainment.
Monterra offers spacious apartment units with one-, two-, and three-bedroom floor plans ranging from 651 to 1,187 square feet in size. Unit interiors feature energy-efficient appliances, granite countertops, a tiled kitchen and bathrooms, private balcony patios, modern bathroom vanities, and open floorplans. Residents of Monterra enjoy community amenities, including a swimming pool, fitness center, clubhouse, resident pavilion with a barbeque area, a resident lounge, and a computer lab. Rents range from $776 for a one-bedroom unit to $1300 for a three-bedroom apartment, and prospective tenants must meet specific income requirements at or below 50% to 60% of the local area median income in Broward County.

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