Lincoln Avenue Capital (LAC), one of the nation’s fastest-growing affordable housing developers, investors, and operators, announced this week that it has acquired the Malibu Bay Apartments, a 264-unit affordable housing property in West Palm Beach.
The sources of funds for the acquisition and rehabilitation of the project include a combination of tax-exempt bonds issued by the Housing Finance Authority of Palm Beach County, Taxable and Tax-Exempt Loans from Citi Community Capital, and four percent (4%) low-income housing tax credit equity issued by Florida Housing Finance Corporation.
Malibu Bay—located near the West Palm Beach waterfront—consists of 11 three-story buildings and includes a clubhouse, fitness center, and pool. A mission-driven organization, Lincoln Avenue Capital plans to invest more than $8 million into renovating the property, which will include full interior unit renovations, kitchen and appliance upgrades, and reimagined gardening and landscaping. The renovations will also incorporate sustainability features including low-flow plumbing and water fixtures, high-efficiency LED lighting, and energy-efficient appliances and systems. Construction is slated to begin on these upgrades later this month.
“With the acquisition of the Malibu Bay Apartments, Lincoln Avenue Capital is continuing our work to advance affordable housing solutions within the greater South Florida region,” said LAC CEO Jeremy Bronfman. “As a mission-driven organization, we don’t just invest in properties, we invest in communities.”
The acquisition of this property by Lincoln Avenue Capital has extended its affordability component for a total of 30 years, ensuring that Malibu Bay will remain affordable to residents long term.
“Lincoln Avenue Capital is dedicated to preserving and extending the affordability of the properties we acquire,” said LAC Managing Partner Eli Bronfman. “We believe this is increasingly critical at a time when there is an acute need for affordable housing in communities across the country.”
About LAC: Lincoln Avenue Capital is one of the nation’s fastest-growing developers, investors, and operators of affordable housing, providing high-quality, sustainable homes for low-income individuals, seniors, and families nationwide. LAC is a values-driven organization with a portfolio that includes 47 properties, comprising more than 9,000 units.