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.

The Altman Companies, a nationally recognized developer of exceptional rental apartment communities, closed on the land and its construction loan and held a Groundbreaking Ceremony for its two newest developments in Miramar. Altman partnered with Rockpoint Group, a Boston-based real estate private equity firm, in the transaction. PNC Bank and Comerica Bank provided the construction loan for the development.

Located at the northwest corner of Red Road and Miramar Parkway in the City of Miramar is one of the last remaining garden development sites in Broward County.  The development consists of two distinct communities within a larger master-planned development that will feature spacious floorplans with energy-efficient appliances, designer kitchens, spa-inspired baths, private balconies and several with attached garages. Residents can indulge in their resort-style heated pools ringed by pavilions, relax in tropical landscaping and cabanas, work out in the 24-7 fitness centers complete with spin and yoga studios, and pet lovers can pamper their four-legged friends in the dog-parks and dog-spas. Common to both the properties will be 60,000 square feet of retail and entertainment space. The apartment communities will be separated by a linear public park featuring pedestrian and bicycle trails, picnic areas, and connections to the Miramar Town Center.

The communities are convenient to transportation arteries (Florida Turnpike and Interstate-75), employment centers (6 million square feet Miramar Park of Commerce), and entertainment districts (400,000 square feet Shops at Pembroke Gardens). They will have a total of 650 upscale apartment homes, within a larger master-planned development. Altís Miramar West will feature 320 ultra-luxe garden style apartments at an average unit size of 1,062 square feet, set on approximately 14 acres, whereas the mid-rise, Altís Miramar East, will consist of 330 apartments with an average unit size of 941 square feet set on approximately 9.7 acres.

Additionally, the communities will feature a co-working center with private conference rooms for those residents working from home, a private theater room and an indoor, airconditioned bike storage room for the avid bikers. 

"We are thrilled to begin the construction process on Miramar,” said Joel Altman, Chairman of The Altman Companies. “We look forward to bringing an exceptional living experience to this suburban area of Broward County where we will provide residents with a standard of living, they won’t find anywhere else in the market.”

The City of Miramar is one of the fastest-growing southwest Broward County suburbs. Miramar has the 15^th fastest growing economy of medium-sized cities, and over the past five years, both employment and population growth have exceeded 10%, outpacing the national and regional averages.

The communities are set to be completed by September 2021.