Sunset Bay Apartments

Affordable Housing in Cutler Bay, Florida

Constructed in 2001, the Sunset Bay Apartments are located in Cutler Bay, an area in the southern part of Miami, Florida. The property includes 308 apartments in 13 separate three-story residential buildings. There are two auxiliary structures and 562 parking spaces. Property amenities include a clubhouse, business center, fitness center, pool, playground, and car care center.

Total Cost

$26,170,000

Description
Sunset Bay is comprised of 45 one-bedroom, 149 two-bedroom, and 114 three-bedroom units. Sunset Bay is a 100% Tax Credit Property and subject to a Land Use Restriction Agreement (“LURA”). Eight units are restricted to households earning 33% or less of Area Median Income (“AMI”), while the balance is restricted to households earning 60% or less AMI. The initial tax credit compliance period has expired.

Financing
This transaction was limited to a transfer of limited partner interests only, in partnership with The Partnership Inc. (TPI), a non-profit affordable housing owner, developer, and property manager founded in 1994 and based in Florida. Secured financing and funding for this project included:

$25,620,000Wells Fargo Bank
$550,000Owner Equity

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