MIAMI, FL - CAPREIT, a national real estate development and investment company responsible for the ownership and management of more than $5 billion of multifamily assets, announced it has assumed management responsibilities for three affordable housing communities in the Miami metropolitan area.
The communities, Cedar Grove and Emerald Dunes (both in Miami Gardens) and Running Brook (Miami), include a combined 615 apartment homes. CAPREIT will spearhead renovation efforts at the communities, designed to bring them to par with some of the best affordable housing options in the area.
"Assuming management of these three communities will allow us to assist in the preservation and renovation of much-needed affordable housing in the Miami area," said Ryan Tustin, senior associate at CAPREIT. "The Miami Gardens communities are located in an area where single-family homes have recently experienced significant appreciation. We recognize the growth in the surrounding area and are excited to be a part of the neighborhood's ongoing transformation."
CAPREIT assumes all management responsibilities, including the renovations blueprint. Renovation efforts will include asphalt and sidewalk repairs, new signage, new access gates, exterior painting, exterior lighting, landscaping, new fitness equipment and new pool furniture.
Cedar Grove, located at 20601 NW 17th Avenue, contains 2-, 3- and 4-bedroom homes and 288 units. Community amenities include a swimming pool, fitness center, business center and clubhouse. Apartment interiors are equipped with washer and dryer connections.
Emerald Dunes is located steps away from Cedar Grove, at 1931 NW 207th Street, and features 1-, 2- and 3-bedroom homes for a total of 141 units. It contains the same community amenities as Cedar Grove. The communities are situated less than two miles from Hard Rock Stadium, home of the Miami Dolphins, and are within walking distance of the city's Orange Line bus stop.
Running Brook is 30 to 40 minutes southwest of the other two at 20505 SW 122nd Avenue. Featuring 2-, 3- and 4-bedroom homes and 186 units, Running Brook is nestled in a quiet neighborhood and is within minutes from Southland Mall and Zoo Miami. The site is within walking distance of a Publix Supermarket, 7-Eleven, Walgreens, Bank of America and Caribbean Elementary School. Community amenities include a swimming pool, clubhouse, fitness center and volleyball court.
Including Cedar Grove, Emerald Dunes and Running Brook, CAPREIT currently owns or operates nearly 14,000 units across the nation.