372-unit development in Port St. Lucie, Florida
- Port St. Lucie, FL
Deering Groves is a 281-unit multifamily housing development in Miami, Florida. The project was completed by AHS Residential in May 2019 with a $35 million construction loan financing provided by Citi Community Capital and subsequently refinanced by PNC Bank in November 2019. Deering Groves marked AHS Residential’s second development in the Princeton/Homestead region. Deering Groves was sold by AHS Residential on December 30th 2020 for $57 million to an affiliate of AEW Capital Management, one of the largest asset managers in the world.
The lease-up of Deering Groves during a pandemic in 2020 and sale to an institutional buyer prior to year-end was a significant milestone for AHS Residential and its shareholders.