HOLLYWOOD, FL – Pinnacle Housing Group, in partnership with the City of Hollywood, celebrated the official groundbreaking of “Pinnacle at Peacefield,” a 120-unit quality affordable housing development for seniors. Following the groundbreaking, Pinnacle and the City hosted a job honest for local applicants and those participating in City-sponsored workforce training programs for construction trades.

Representatives from Pinnacle Housing Group were joined by City of Hollywood Mayor Josh Levy, Broward County Commissioner Beam Furr, City of Hollywood Commissioner Peter Hernandez, Citi Community Capital Director Barry Krinsky and other local dignitaries.

Named after the ancestral home of one of America’s Founding Fathers, John Adams, Pinnacle at Peacefield will offer 120 units of senior housing (age 62+) on land assembled by the City of Hollywood and the Hollywood Community Redevelopment Agency. The community will contain 72 one-bedroom units and 48 two-bedroom units in three low-rise buildings on Adams Street west of S. Dixie Highway. The community will offer the latest in quality affordable design, and each building will have its own dedicated common facilities including a lounge/meeting space, computer center, outdoor patio, fitness facility and medical evaluation room. Pinnacle at Peacefield will offer residents an array of programs tailored to seniors’ unique needs, such as 24/7 property management support for urgent issues, daily resident assurance check-in, computer training, and daily on-site supervised activities designed to promote wellness, education and social engagement. Projected rents will range from $380 to $835 for a one-bedroom home and $456 to $1,022 for a two-bedroom residence.

Timothy Wheat, Regional Vice President of Pinnacle Housing Group observed that “we are reaching a crisis-level shortage of housing for seniors in Florida. We are elated to provide 120 units along with much needed services and support that will make elderly lives simpler.” 

People interested in future residency can check the Pinnacle at Peacefield page on Pinnacle’s website in the late summer for more information regarding pre-leasing contact information. Construction is scheduled to be complete in early 2020.

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AVON, CT -The Clairmont Group, an owner-operator of real estate in the Tri-State area along with RealtyMogul, a private equity firm using crowd-funding to finance commercial real estate investments, have teamed up to buy Avon Place Apartments, a 164-unit apartment complex located in Avon, Connecticut for $24 million. The partnership plans to spend over $1 million in capitalized expenditures, including apartment renovations and common area improvements. Matt Schneid from Cole Scholz P.C. served as the legal advisor on the transaction.

“It is a very rare opportunity to buy a high-quality multifamily complex in the highly sought-after Town of Avon, with one of the best school systems and demographics in the country,” shared David Lubin, Managing Partner at the Clairmont Group.  “We are thrilled to add this asset to our growing portfolio as we expand our presence along the East Coast,” added Ryan Colbert, Managing Partner at the Clairmont Group.  

Chris Fraley, Chief Investment Officer of RealtyMogul, noted that this transaction is an example of the evolution of the Crowdfunding industry.  “It is exciting to see the business scale.  We are very pleased to be able to offer institutional quality assets to our investors, and to give retail investors access to the level of control and fiduciary oversight that an institutional investor may have with a more traditional private equity fund.  The more passive limited partner investments are still an vital aspect of our business, but we are pleased to be able to invest as the majority investor in middle market opportunities.”

Avon Place is a full-service residential community that offers one to three-bedroom apartments with numerous amenities including tennis courts, a swimming pool, 24/7 fitness center, playground, basketball court, dog park and movie room. The community consists of three residential buildings and a clubhouse/leasing office.  It sits on 46 acres of land that is nestled along the banks of the Farmington River and located within close proximity to downtown Hartfordas well as fine dining and shopping of West Hartford. The community is particularly desirable to families having Reggio Magnet School of the Arts within walking distance.

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AUBURN, AL – ResProp Management was selected to provide full-service property and construction management for Avalon Park. Avalon Park is centrally located near Auburn University in Auburn, Alabama. It is conveniently located at the tail end of Webster Road, not far from the campus, making it a well loved location for students and residents looking for location and space.

Avalon Park is a comfortable manufactured home community composed of 217 mobile homes. These spacious floor plans offer 2 and 3- bedroom layouts. The property is home to Auburn’s only private beach. Residents can delight in on-site amenities that include a swimming pool, 24/7 fitness center, and gated access.

Stephen D’Ambrosi, Regional Vice President for ResProp states, “We are excited to work with Trinity Property Group, on our first community in the Alabama market. Avalon Park is a fantastic location close to the University of Auburn campus. This community offers simple access to the campus via the Tiger Transit as well as a full amenity package.”

With the recent addition of Avalon Park into the portfolio, this marks ResProp Management’s first presence in Alabama. This latest addition was made possible through the partnership with Trinity Property Group.

Jeffry Hirschoff, Principal and Director of Operations for Trinity Property Group states, “We are excited about ResProp’s breadth of experience in the multifamily space, and believe they are a natural fit for management of Avalon Park.”

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