Certified Project

Project Detail

Pinnacle at Avery Glen

Pinnacle at Avery Glen

Address:
3871 Pine Island Road
Sunrise, FL 33322
Type:
Multi-family
Status:
Certified
Certification Date:
March 8, 2012
Certificate Number:
4311
Certification Level:
Bronze
Certification Score:
129
Certification Version:
8
Registration Date:
February 8, 2012
Submittal Date:
February 8, 2012
Project Contact:
Felix Braverman
Project Contact Phone:
305-854-7100

Company

Name:
Pinnacle at Avery Glen, LLC
Contact:
Tim Wheat
Address:
3871 Pine Island Road
Sunrise, FL 3322
Phone:
305-854-7100
Fax:
305-859-9858

Property

New/Existing:
New
Occupancy Type:
Residential
Affordable Housing:
Yes

Certification Review

Evaluator:
Bryan Amos

Project Description

6 Buildings, 140 Units

Pinnacle at Avery Glen, featuring affordable, luxury-styled apartment homes, contributes its success in large part to providing critically-needed workforce rental housing, a highly-effective public-private partnership and its commitment to green building. Developed by Pinnacle Housing Group, Pinnacle at Avery Glen received Florida Green Building Coalition's Bronze Certification.

"Pinnacle at Avery Glen made use of an infill site allowing for a walkable community with access to amenities such as banks, stores, restaurants, medical offices, and churches," said Cindy Hall, president of the Florida Green Building Coalition. "This important green building concept, which we encourage in the FGBC certification, reduces the need for additional infrastructure and vehicular traffic, thus reducing pollution and lowering expenses for residents, while offering a more sustainable future for the community."

Other green features at the $26.4 million, 140-unit development include ENERGY STARĀ® lighting packages, ceiling fans and appliances; high-efficiency air conditioning systems; enhanced building insulation; water-saving plumbing fixtures and irrigation; low Volatile Organic Compound (VOC) paints; and enhanced disaster mitigation features such as impact-resistant windows and doors. In addition, over 80% of the construction waste was recycled.

Like many in the real estate industry, Pinnacle Housing Group suffered from the lack of financing during the recent economic downturn. With investors avoiding the purchase of tax credits, the company relied heavily upon the American Recovery and Reinvestment Act (ARRA) .

"The ARRA stimulus package had a profound impact on jumpstarting the affordable housing industry nationwide," David O. Deutch, Partner, PHG says. " If we had not had that to reinvigorate our industry, many of our projects may have never gotten off the ground ."

Timothy P. Wheat, Regional President of Pinnacle Housing Group, pointed out that the company's broad public/private partnership extends to county, state and federal levels.

Pinnacle Housing Group utilized $6.19 million in Tax Credit Exchange Program (TCEP) funds provided through the American Recovery and Reinvestment Act and awarded by Florida Housing Finance Corporation. Other funding included $2.3 million in permanent mortgage financing by Wells Fargo Bank (with additional construction period financing of $2.2 million), $17.2 million in equity raised utilizing Housing Tax Credits awarded by Florida Housing Finance Corporation, and $250,000 in Broward County HOME Program funds.

An essential element in the leveraging of these tax credits and other resources is the initial commitment of public dollars to secure such highly competitive resources. This, Wheat said, is where Broward County has demonstrated exemplary leadership through its commitment of HOME funds when the development was being conceived. Not only that, but Broward County's development approval and permitting process has been modernized and streamlined to effectively accommodate affordable housing communities. This was of particular importance when numerous issues concerning the adjoining County roadway threatened to delay the development.

"The Board of County Commissioners have consistently supported attracting affordable housing investment to Broward County, and the breaking down of regulatory barriers to make sure it is developed efficiently," said Broward County Housing Finance and Community Development Director Ralph Stone. "Working with Pinnacle, we were able to leverage this public/private partnership, and to preserve millions in Recovery Act funds with an extremely short fuse for expenditure."

Residents may participate in Pinnacle Housing Group's homeownership rebate program. The program encourages first-time homeownership by providing a 5 percent rebate of rent paid for the duration of time lived at the community, after complying with minimum tenancy requirements. This enables prospective homeowners the opportunity to access automatic down payment savings simply by having paid their rent.

Green Team Contacts

Builder-Contractor

Felix Braverman
Pinnacle Housing Group
9400 S Dadeland Blvd, Suite 100, Miami, FL 33156
Phone: 305-854-7100
www.pinnaclehousing.com