An affiliate of Seattle-based Vitus Group has picked up an affordable housing complex in the Miami neighborhood of Allapattah for $14.68 million. Located at 3031 N.W. 19th Avenue, the five story building houses 151 units which changed hands for just under $97,220 per unit. The seller, Rainbow Associates, developed the asset on the 2.4-acre site in 1986. Per the terms of the purchase the buyer agreed to keep the property, Hadley Gardens, as income-restricted affordable housing. The deal was completed with a $11 million mortgage provided by Citibank.
