AHS Residential announced today the sale of Deering Groves, a 281-unit garden-style apartment community located in Miami-Dade, Florida for $57 million.
Deering Groves is a 281-unit multifamily housing development completed by AHS Residential in May 2019. It was developed and built 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.
“The lease-up of Deering Groves during the pandemic in 2020 and sale to an institutional buyer prior to year-end was a significant milestone for AHS Residential and its shareholders.”
Carlos E. Gonzalez
Chief Financial Officer, AHS Residential
The community, located at 13710 SW 256th Street in Naranja, Florida, is within walking distance to the soon-to-be-built Bus Express Rapid Transit (BRT) corridor, a rapid transit system that will link South Miami to the Dadeland South Metrorail. Amenities include a clubhouse bar and dining room, playground, partially covered swimming pool, and a fitness center.