Riviera Beach, Florida, April 08, 2022 (GLOBE NEWSWIRE) -- Today, The Millennia Companies® (Millennia), a leading company specializing in the preservation of affordable housing, held a ribbon cutting ceremony at Azure Estates (formerly Stonybrook Apartments) to celebrate the substantial rehabilitation of the once-distressed multifamily housing development in Riviera Beach, Florida.
“Transforming Stonybrook into Azure Estates to benefit hundreds of families was not easy, but the commitment to preserve existing affordable housing developments is essential to meet the nation’s increasing need,” says Frank T. Sinito, Chief Executive Officer at Millennia. “This community was substandard housing that had declined over decades. Residents are now enjoying fully renovated apartments, new and enhanced infrastructure, and resident services designed to enrich their lives.”
Azure Estates underwent a more than $18 million renovation that transformed the physical conditions and preserved the affordability of 216 two- and three- bedroom apartments. The renovations include significant upgrades to the interiors and exteriors of the buildings; all new kitchens and bathrooms; improvements to major electrical, plumbing, and mechanical systems; and enhancements to the grounds, fire safety and security systems.
“I am thrilled to see how wonderful the apartments look and how happy the residents are. I have interacted with many of the families at Azure Estates throughout the process, and they could not be more pleased with the current conditions,” says Dr. Julia Botel, Riviera Beach City Council Member. “I am glad that I supported Millennia when they approached the city concerning this project; the situation was dire, and Millennia followed through as promised.”
At the event, Millennia and program participants dedicated the new community center to community leaders Mary Brabham and Dr. Julia Botel in recognition of their efforts to champion quality affordable housing in Riviera Beach. The Brabham-Botel Community Center features a fitness room, community kitchen, meeting space and activity center. To activate the space, the property management team partners with a range of organizations to host activities and connect residents to resources.
At the celebration, guests toured the renovated apartments and heard from speakers including residents, elected officials, and partners. Azure Estates consists of 100 percent affordable housing, and residents pay 30 percent of their income toward rent as part of a federal housing subsidy program administered by the United States Department of Housing and Urban Development.
Millennia facilitated the multi-million-dollar transformation in partnership with the following: Florida Housing Finance Corporation; United States Department of Housing and Urban Development, including the Jacksonville Office and Asset Management Division; City of Riviera Beach; PNC Bank; Berkadia Commercial Mortgage LLC; US Bank NA; Nelson Mullins; Seltzer Management Group, Inc., NEI General Contracting, Dimit Architects LLC, and Project Management Consultants LLC. Millennia Housing Management, Ltd. is the management agent.
About The Millennia Companies®
The Millennia Companies® (Millennia) is a high-performance business enterprise with a strong sense of mission. Millennia operates in a closely aligned set of sectors including real estate development and property management, and its portfolio includes more than 275 multifamily residential communities in 26 states - over 110 apartment developments have undergone transformative rehabilitations. These efforts have resulted in thousands of housing opportunities for families of all income levels. In 2020, Millennia ranked #1 on the list of Top 10 Companies Completing Substantial Rehabilitations and #4 on the list of Top 50 Affordable Housing Owners by Affordable Housing Finance. In 2021, Millennia ranked #16 on the list of Top Multifamily Development Firms by Multi-Housing News. Learn more about Millennia at www.themillenniacompanies.com.
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