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Affordable Housing Developer Picks Up 320-Units in Florida

Southport Financial, one of the largest affordable housing investors in the country, purchased The Sands at St. Lucie in Fort Pierce for $32.2 million.

Southport Financial, one of the largest affordable housing investors in the country, has expanded its Florida multifamily portfolio with the purchase of The Sands at St. Lucie in Fort Pierce. Southport Financial purchased the property for $30.2 million from Code Capital Financial.

The 320-unit apartment complex operates under Section 42, a subsidized housing and tax credit program that restricts rental rates and the income of residents to qualify as affordable housing. On a sprawling site with 21 two-story building, the property has a mix of two- and three-bedroom units and 98% occupancy. The property also features an on-site fitness center, business center, clubhouse, kids club, volleyball court, sparkling pool and hookups for washer and dryers in all units.

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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