MIAMI, FL - Lincoln Avenue Capital (LAC) announced the completion of the purchase of two apartment complexes in Miami's Brownsville neighborhood, extending the affordability of 196 housing units for seniors and working families.
Founded three years ago, LAC is one of the nation's fastest-growing community-oriented developers, investors, and operators of affordable housing, managing over 9,000 units across 11 states. With this new purchase, LAC will own 11 affordable housing developments in the Miami region.
Brownsville Transit Village I and II are mid-rise buildings located in the Brownsville neighborhood — an urban, infill location — at 5255 NW 29th Avenue, with 96 and 100 units respectively. Brownsville Transit Village II is an independent senior living community.
Both properties are part of a larger campus of affordable apartment buildings that finished construction in 2012, which encompasses almost 500 affordable housing units and includes ground floor retail. The development is transit-oriented, located near the Metrorail Green Line station, with easy access to Miami International Airport and Downtown Miami.
"Lincoln Avenue Capital is driven by the mission to preserve and create quality affordable homes in the Miami area and across the nation," said Jeremy Bronfman, LAC's Chief Executive Officer. "We are proud to preserve Brownsville as an affordable property to meet this vital need in urban Miami, including its vibrant community of seniors."
Source: Lincoln Avenue Capital