AHS Residential announces it has closed on financing for AHS Pine Ridge, a 288-unit residential community located in West Palm Beach, Florida.
Truist Bank (formerly SunTrust Bank) provided a $37.2 million loan for construction of AHS Pine Ridge, AHS Residential’s third development in West Palm Beach and fifth in Palm Beach County. AHS Pine Ridge broke ground in August and the community will be delivered in the first quarter in 2023.
AHS Pine Ridge will offer one and two-bedroom floor plans in four 4-story buildings. Apartments will feature best-in-class finishes, stainless-steel appliances, and in-unit laundry. Built with young professionals and families in mind, AHS Pine Ridge ample amenities include a multipurpose clubhouse, swimming pool, kid’s area, dog park, fitness center, and a basketball court.
AHS Residential builds, develops, and manages high-quality multifamily communities. This integrated process allows the company to offer an affordable living alternative to rent-burdened families in major metropolitan areas.
At AHS Pine Ridge, 100% of the units are part of the Palm Beach County Workforce Housing Program; therefore, apartments must be priced for income-qualified households earning between 60 and 140 percent of the area median income (AMI). In 2021, the Palm Beach County AMI is $80,200 according to HUD.
The Florida-based company recently expanded into Georgia and Texas with the goal of delivering 5,000 apartments annually by 2025. AHS Residential is on a mission to help solve the U.S. housing crisis by building quality apartments in growing metros where many renters are getting priced out by rising rents.