Resia (formerly known as AHS Residential) announces it has closed on financing for Resia Old Cutler, a 390-unit apartment community located in Miami-Dade County, Florida. PNC Bank provided the $60 million financing for the construction of Resia Old Cutler. The project broke ground at the end of the second quarter of 2022 and is expected to be delivered in the third quarter of 2023.
“We are thankful to PNC Bank for their partnership on this project, as well as for their continued commitment to supporting our vision,” said Carlos E. Gonzalez, chief investment officer for Resia.
This will be Resia’s 15th project within the Miami MSA. Located on Old Cutler Road (just south of 216th ST) and SW 107th Avenue alongside the Florida Turnpike, Resia Old Cutler will deliver 390 workforce units across eight, three-story garden-style buildings. In addition, five duplex townhomes (10 units) will be built and donated to the Miami-Dade County Homeless Trust. The 390 units will be made affordable to households up to 140% of the Area Median Income (AMI) of Miami-Dade County.
Resia Old Cutler will offer one-, two-bedroom, and three-bedroom floor plans. Apartments will feature modern finishes, stainless steel appliances, and in-unit laundry. Built with young professionals and families in mind, Resia’s Old Cutler well-designed amenities include assigned parking, business center, and two multipurpose clubhouses complete with two swimming pools and fitness center.
Resia is rapidly scaling up its development activities with the goal of delivering 8,000 new apartments annually by 2025. The company is on a mission to help solve the U.S. housing crisis by building quality apartments in growing metros where many renters are getting priced out by rising rents.
Resia, formerly known as AHS Residential, is an award-winning, vertically integrated real estate company that specializes in developing, building, and managing quality multifamily communities across the United States. Our mission is to deliver exceptional living experiences to the millions of American households currently spending more than half of their income on rent. Resia is a division of MRV&Co (MRVE3:BZ), one of the largest homebuilders in the world. For more information, please visit www.liveresia.com.
