CharterMac, an affiliate of New York-based Related Capital Co., is confident it has made a sound investment.
"Laguna Pointe Apartments comes at a time when Pompano Beach is on the verge of a major revitalization, and we're pleased to be part of that urban renewal by providing affordable housing to an underserved market," CharterMac executive vice president James Spound says in a prepared statement.
Family-oriented affordable properties in the development area are 99% occupied, Spound says. Locally based Cornerstone Group Development Corop is building the four-story and five-story Laguna Pointe buildings at 901 McNab Road.
The units are 700 sf to 1,150 sf and rent for $640 to $880 per month. Most of the units will go to families earning 60% or less of the area's median income.
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