POMPANO BEACH, FL-Pinnacle Village, a 148-unit townhouse community on the site of the former failed Holiday Lakes subsidized housing project at 801 N. Powerline Rd., opens 100% leased with a waiting list of tenants. It was constructed for $20 million in a public/private partnership between Miami-based Pinnacle Housing Group and the City's Northwest Community Redevelopment Agency.

Of the 148 units, nine are one-bedroom, 95 are two-bedroom and 44 are three-bedroom units. They range from 770 sf to 1,446 sf, and the rental rates begin at $641 a month and reach to $880 a month, depending on the tenant's household income. All of the units are rented to residents with annual incomes of 60% or less than the county's median income, which is about $36,120 for a family of four.

Pinnacle was awarded the development and management contract in a bidding process that Michael Wohl, a Pinnacle partner, says was "highly competitive." The development was funded through a combination of tax credits, local grants, federal grants and some conventional debt, Wohl says. Pinnacle gets a construction development fee and also obtains cash flow from the rental units.

The gated complex includes a pool, fitness center, business center and clubhouse. As with other affordable residential properties Pinnacle has developed, this one also has an adjacent community center operated by Choices, a community-based organization that provides foster care and other social services. Pinnacle develops both affordable and market-rate housing throughout Florida with a focus on urban areas.