This recognition comes at a time when Lincoln Avenue Capital is ramping up rehabilitation projects at properties across the country, ensuring existing affordable units do not convert to market-rate and investing in the renovation of units for low-income individuals.
The properties being renovated include: Fort Vancouver Terrace in Vancouver, WA; Prospect Park Apartments in Fort Lauderdale, FL; Riverwalk II Apartments in Homestead, FL; Cabana Club Apartments in Miami, FL; Malibu Bay Apartments in West Palm Beach, FL; and Park City Apartments in Miami, FL. As part of Lincoln Avenue Capital's commitment to prioritizing sustainable building practices, the renovations include sustainable features, among them energy efficient LED fixtures, energy efficient appliances, water-saving fixtures, and solar panel systems. The properties also feature a variety of amenities.
"Lincoln Avenue Capital is honored to be recognized by Affordable Housing Finance for the second year in a row," said LAC CEO Jeremy Bronfman. "We seek to raise the standards in affordable housing investing, ownership, and development, and this recognition encourages us as we move forward on a variety of renovations."
Lincoln Avenue Capital develops quality, affordable homes using a range of innovative solutions to support residents and communities. Cabana Club is one of several properties that Lincoln Avenue Capital has acquired in Miami in recent years. Lincoln Avenue Capital is focused on increasing its impact within the Miami affordable housing industry, which faces the challenge of a large gap in affordability for many. Once complete, Cabana Club will be equipped with a newly-constructed clubhouse and a renovated fitness center, dog park, picnic benches, shuffleboard, bocce ball court, and pavilion with barbeque grills. Resident programs will include a lending library, nutrition classes and other educational courses, and transportation.
The company's third acquisition in the region, Fort Vancouver Terrace represents a continuous investment in Washington state for Lincoln Avenue Capital. As part of this renovation, Fort Vancouver's affordability covenant has been extended by more than 50 years, ensuring that affordable housing is preserved and upgraded within the community. The number of units reserved for very low-income residents (50% of area median income) has also been increased. The property features bike storage, electric vehicle charging stations, a playground that has been resurfaced, a community garden, and a new business and learning center with computer terminals.
In the West Palm Beach area, where Malibu Bay is located, there is a strong need for affordable housing due to an influx of new renters from higher-income areas. The region is experiencing a growing gap between market rate housing and affordable housing. Malibu Bay is a property redesigned with the West Palm Beach community's affordable housing needs in mind. The property also features a clubhouse, fitness center, playground, and pool.