Related Companies has acquired Sorrento, an affordable housing community in Miramar, Florida, from Zom Foxcraft, an entity tied to ZOM Living and NRP Group for $48.2 million, equating to $150,625 per unit. The 320-unit, garden-style apartment community offers LIHTC income-restricted apartments at 8991 and 9577 Southwest 41st Street. The property was completed by ZOM Living in 2012 and was originally financed through the federal Low Income Housing Tax Credit Program and various state and county debt financing programs.
“Sorrento is located in Miramar, a southern municipality in South Florida’s Broward County, a key suburb community of the Miami metropolitan area. The apartment community 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 and features community and apartment amenities that are comparable to market-rate apartment projects of similar vintage.
Sorrento offers spacious apartment units with one-, two-, and three-bedroom floor plan options ranging from 651 to 1,187 square feet in size across 13 3-story buidlings. Unit interiors feature energy-efficient appliances, granite countertops, tiled kitchen and bathrooms, private balcony patios, modern bathroom vanities, and open floorplans. Residents of Sorrento enjoy community amenities, including a swimming pool, fitness center, clubhouse, resident pavilion with a barbecue area, a resident lounge, and a computer lab. Rents range from $826 for a one-bedroom unit to $1,382 for a three-bedroom apartment, and prospective tenants must meet certain income requirements at or below 50% to 60% of the area median income in Broward County.
The sale of Sorrento coincides with surging demand for affordable housing in South Florida, propelled by rapid population growth and a housing shortage. Related Companies’ acquisition signifies a substantial investment in the region’s affordable housing sector. Property records indicate that Related secured a $25 million acquisition loan through Berkadia Commercial Mortgage.