Southport Financial Services paid $10.7 million for the Lincoln Fields affordable apartments in 2011. The group sold the project in the Gladeview neighborhood of Miami-Dade County for $21.99 million.
The 303 apartments at 2050 N.W. 64th St. were bought by Joined Development Partners. The S. Florida Business Journal reports the buyer specializes in affordable housing. Merchants Bank of Indiana provided mortgages of $19.62 million and $6.09 million to the buyer.
Totaling 378,971 square feet, the apartments were developed mostly in the 1940s. However, they were renovated by Southport shortly after it bought them.
About 60% of the apartments are for “low income” tenants.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.