Miami-Dade Area Affordable Housing Units Sell For $22 Million

In July 2018, two different complexes created for affordable housing in the Miami-Dade area sold for a large amount of money. Together, they were sold for more than $22 million. The properties were bought by a company called ReBuild America along with their equity partner. Once they bought the properties, they quickly began work on renovating them. They have a lot of plans for the future of these buildings.

Who Sold The Units?

Gerald Eickhoff is a manager for the non-profit group based out of Atlanta, Georgia called the Contemporary Housing for Aged people. This non-profit agency was the seller for the units located at 220 West 74th Place in Hialeah, Florida. The buildings are a 128-unit complex called the Robert Forcum Towers. The actual buyer of the units was the company Hialeah Housing, LLLP. This company is managed by a nonprofit called Watkinsville. It is based out of Georgia and is a sector of the ReBuild America company and its equity investor named Red Stone. Red Stone is an equity partner for the company that is based out of Cleveland.

The units in the affordable housing complex that sold for millions amounts to more than 105,000 square feet in five stories. It was built back in 1981 on a couple acres in the west side of Amelia Earhart Park.

NonProfit- Christian Towers

Another nonprofit organization that is managed by Gerald Eickhoff is Christian Towers. This organization had sold another unit with 124 apartments for more than $11 million recently. The unit was called Samari Towers and sold with a deal of seller financing for more than $13 million. This apartment building is five stories and was built in 1985 on a 2.65-acre lot.

Housing Authority Of Miami-Dade County

The finance department of the Housing Authority in the Miami-Dade County area had given out more than $26-million in mortgages for these two properties in the Hialeah Housing area. To get these mortgages from the housing authority, the buyers had to agree to leave these properties as affordable housing units for low-income individuals and families who need to find affordable places to live and cannot afford normal housing rates in the area.

Miami Housing Authority

The housing authority in the Miami-Dade, Florida area is responsible for the upkeep and creation of affordable housing for the residents that are low-income and needing to find safe and reliable housing with affordable rates. Currently, there are more than 372 different low-income housing complexes in the form of apartments in the Miami Dade County Area. Between all of the complexes, there are over 50,000 different affordable units available for renting. Much of these apartments available for rent get priced for the tenants based on their individual and family income amounts.

HUD Apartments

More often than not, these types of apartments are referred to as HUD housing. Some of the housing might not be Section 8 housing, but still remains affordable housing for those tenants that qualify based on their income.

Rebuild America

Faith Landmarks Ministries had created Rebuild America back in 2014 as an outreach program. The mission of the group is based on their love for the people of this country. They want to make a difference in the nation and address certain challenges that local communities face on a daily basis. They would rather help out than sit back and watch everything fall apart. They work hard by partnering with businesses, local organizations, churches and local schools in order to address local issues and work towards finding a solution to them.

How Rebuild America Helps

Some of the ways in which Rebuild America helps out local communities is through beautification projects at homes, schools and local businesses. These projects can include things like cleaning up neighborhoods, brush removal, trash pick-up, landscaping, tree removal and painting.

Additionally, the organization also throws different block parties around town to help families in local communities. During the block parties they will host a variety of different events that excite and help out the neighbors and community. Some things they offer at these block parties are free haircuts, lunches and health screenings. They also offer many activities such as games and food and clothing give-aways.

There are a lot of events that Rebuild America loves to throw and the block parties are just one small way they love to foster a sense of giving and love throughout local communities. The volunteers of the organization will also spend countless hours helping around the community doing things like packing and delivering food to those who need it locally.