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MIAMI-Spotting a niche in South Florida’s senior affordable housing market, New York-based Related Capital Co. and Hollywood, FL-based Triad Housing Partners LLC have captured 25% of Broward County’s business and plan to increase that margin over the next year.

In their newest venture, Related/Triad are developing the 160-unit, three-building Colonial Park Apartments in Margate, FL, 12 miles northwest of Fort Lauderdale’s central business district and 32 miles north of Downtown Miami.

Related is providing $11 million in debt and equity financing to the venture. The funding package comprises $3.1 million in equity for tax credits generated by the project. Charter Mac, a Related company, is contributing $8.2 million through bond investments.

The companies zeroed in on Broward County because it is “one of the fastest-growing counties in Florida but one with a limited supply of affordable housing to meet the needs of seniors,” Patrick Martin, Related’s executive vice president, says in a prepared statement. He calls the deal with Triad “a solid investment” for Related

Nearby senior housing projects are showing a vacancy rate of only 2%, Martin says. In the same statement, Triad manager David Schultz says the two firms are targeting Florida because the state has “a higher percentage of residents age 65 and over than any other state in the nation.”

Colonial Park Apartments is being developed on a 10.5-acre site on the northeast corner of Banks Road and Coconut Creek Parkway, directly across from the Coconut Creek Plaza shopping center. The four-story buildings will have 601-sf one-bedroom units and 780-sf two-bedroom units. Rents will range from $640 to $764 per month.

Related and Charter Mac previously provided $13 million in debt and equity funding of the Meridian, a comparable apartment project in Hollywood, FL.

Related calls itself the second largest owner of multifamily properties in the United States with 240,000 units. Chicago-based Equity Residential Properties Trust, directed by entrepreneur Samuel Zell, is considered the largest apartment owner with 300,000 units, according to published reports.

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