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Landmark Spins Off Two Miami Affordable Rental Properties
Landmark unloaded the 259-unit Malibu Gardens and the 109-unit Sunrise Commons for a combined total of $54.3 million. Lincoln Avenue Communities purchased the properties, both affordable housing communities. The two Low-Income Housing Tax Credit communities will keep their affordability.
Walker & Dunlop brokered the transaction, Eric Taylor led a team working on behalf of both the buyer and seller.
Landmark Cos. sold the Malibu Gardens for $39 million. In 2014, Malibu Gardens was rehabbed using 4 percent LIHTCs, tax-exempt bonds, HOME Investment Partnerships Program funds and Miami-Dade County Surtax Loans. The property serves residents earning 40, 50 and 60 percent of the area median income. It’s located at 13800 S.W. 268th St. in Naranja, Fla..
Sunrise Commons changed hands for $15.3 million. The community was originally financed with 9 percent LIHTCs and Miami-Dade County / Florida Housing Finance Corporation surtax loans. The property is designated for residents earning 33 or 60 percent of AMI. Sunrise Commons is located at 26600 S.W. 146th Court in Homestead, Fla.
