The Vitus Group, based in Seattle WA., has acquired the Four Freedoms House of Miami Beach for $10.4 million. The 15 story rental building, located at 3800 Collins Ave., provides 210 units of affordable housing for seniors. Four Freedoms House is the only affordable high-rise in the area, and is Vitus Group’s first acquisition in Florida. Eighty-five percent of the units benefit from a Housing Assistance Payment contract with HUD, which limits the amount of rent that a resident pays to 30 percent of their income. Built in 1965, the property’s average monthly rent is approximately $330 as compared to an average market rent of approximately $1,065.
“We think it’s extremely important to preserve housing such as Four Freedoms House of Miami Beach and maintain long-term affordability for seniors in such a high-growth neighborhood,” said Stephen Whyte, managing director for Vitus Group. “Florida is a market that has multifaceted housing needs, characterized by rapidly increasing rents in core urban areas.”
