THE
OPPORTUNITY
Sorrento at Miramar Apartments is a 320-unit affordable housing community located in Miramar, FL. The property is conveniently located minutes from major transportation arteries providing easy access to Miami, Fort Lauderdale, and Boca Raton. The area is home to an abundance of shopping, dining, beaches, and entertainment venues. Schools, parks, and public transportation are also nearby.
The property was built and placed in service in 2012 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. There are existing regulatory agreements in place which require all units to be rented to income qualifying residents earning no more than 50% and 60% of the Area Median Income (AMI) limits, which are provided by the Florida Housing Finance Corporation.
98%
OCCUPIED
THE
APARTMENTS
Sorrento at Miramar offers one, two, and three bedroom apartment homes that feature spacious kitchens with a full appliance package, granite countertops, a breakfast bar, and a pantry. All units come standard with a patio/balcony, a washer & dryer, walk-in closets in the masters, upgraded finishes, ceiling fans, and alarms. The community offers a clubhouse with kitchen, a computer lab, an on-site fitness center, picnic/bbq areas, a swimming pool, a playground, a dog park, and secure gated access.
1 bed/1 bath
2 bed/2 bath
3 bed/2 bath
120 Units | 651 SF
164 Units | 898 SF
36 Units | 1,187 SF
THE
HIGHLIGHTS
The Property will be Eligible for a Full Property Tax Exemption Under Florida Statute 196.1978(2) and Florida House Bill 7061 After the 15th Year of the Regulatory Agreement
The Broward County HUD Two-Bedroom Fair Market Rent, Which is Used to Calculate the LIHTC Rent and Income Limits in this County, Increased by 18.7% From 2022 to 2023, Creating Tremendous Rental Upside at the Property Going Forward
Fantastic Location with the Property Being Under 19 Miles from Miami City Center, Under 3 Miles from the Hard Rock Stadium, and Located Next to Miramar High School
Class A LIHTC Property with the Maximum Allowable Rents at a $800+ Discount to Comparable Market Rents, Resulting in Very Low Turnover at the Property
Address
Residential Units
STYLE
MARKET SEGMENT
Average Unit Size
Lot Size
DENSITY
County
8991 SW 41st st.
miramar, fl 33025
320
2 & 3- STORY GARDEN
FAMILY
838 SF
10.06 ACRES
31.81 UNITS / ACRE
BROWARD
THE
PROPERTY
GET
LEARN MORE
BOISE OFFICE
6225 N. Meeker Pl.
Suite 210
Boise, ID 83713
INVESTMENT SALES
MORTGAGE BANKING
Senior Managing Director 208.286.5013
jeff.irish.com@berkadia.com
Associate Director
786.646.2593
omar.morales@berkadia.com
OMAR MORALES
Director of Operations 208.631.4981
jordan.skyles@berkadia.com
JORDAN SKYLES
Senior Managing Director 214.360.3849
tim.leonhard@berkadia.com
TIM LEONHARD
Managing Director 504.322.1196
chris.crump@berkadia.com
CHRIS CRUMP
JEFF IRISH
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing.
OPPORTUNITY
PROPERTY
GALLERY
DOC CENTER
CONTACT
PRIVACY
TERMS OF USE
8991 SW 41st St. - Miramar, FL 33025
IN TOUCH
BACK TO TOP
OPPORTUNITY
PROPERTY
THE APARTMENTS
DOC CENTER
CONTACT
PRIVACY
TERMS OF USE
268,124
RENTABLE SF
320
UNITS
YEAR BUILT
2012
MIAMI OFFICE
1111 Brickell Ave.
Suite 1650
Miami, FL 33131
Senior Managing Director
561.998.8300
jaret.turkell@berkadia.com
JARET TURKELL
Director
425.761.1640
mike.terry@berkadia.com
Mike Terry
Director
425.761.1640
mike.terry@berkadia.com
Mike Terry