Resia Announces Successful Recapitalization of Resia Biscayne Drive

Press Release

December 28, 2023

Resia Biscayne Drive is their 23rd multi-family community in South Florida.

Resia Announces Successful Recapitalization of Resia Biscayne Drive

Miami, Fla. (Dec. 28, 2023) — Resia, a leading name in multifamily housing, is thrilled to announce the successful recapitalization of Resia Biscayne Drive, an outstanding 216-unit Garden Style Class A apartment community in Homestead, FL. This strategic move is expected to make a significant impact on the local housing market and supports Resia's mission to provide quality, attainable rental communities.

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Resia Biscayne Drive, with its prime location offering immediate access to Florida's Turnpike, boasts an impressive range of amenities, including a pool, clubhouse, gym, and tot lot. The project broke ground in November 2021 and achieved an impressive feat by topping off in just 11 months, receiving its final Certificate of Occupancy in May 2023.

Operating since February 2023, the property achieved stabilization within an unprecedented eight months, marking Resia's quickest lease-up to date. Currently, the property stands at over 95% occupancy, underscoring its desirability and resonance with the community.

“Resia is excited about this strategic move and the opportunity to continue making a positive impact on the housing market,” said Carlos Gonzalez, Chief Investment Officer at Resia. “As a company, we remain dedicated to delivering quality, affordability, and innovation to communities across the nation.”

Resia Biscayne Drive was recapitalized through the Middle-Income Affordable Preservation (MAP) Fund, a $150 million joint venture between Enterprise Community Partners and Banc of America Community Development Company. The fund focuses on preserving “missing middle” housing by investing equity capital to develop and acquire properties with affordability generally between 80% to 120% AMI.

“As the cost of housing continues to outpace income growth, the lack of affordable housing is forcing people in our community to make difficult decisions on how and where they live,” said Michael Kramer, Senior Vice President, Banc of America Community Development Company. “Working with Resia and Enterprise, this development helps support local families and the broader community with safe, affordable housing.”

“The recapitalization of Resia Biscayne Drive was a unique opportunity not only to commit to long-term affordability for over 200 households, but to also help a dedicated sponsor sustain its ownership and operating teams,” said Chris Herrmann, chief investment officer and fund manager of Enterprise’s real estate equity business, which manages the fund. “Through impact-driven investments with the MAP Fund, we’re ensuring families gain access to good homes with affordable rents.”

Additionally, Resia has diligently applied for the Florida LiveLocal Act (Senate Bill 102), a newly passed legislation in 2023. By participating in this program, Resia adheres to rent and income restrictions designed to achieve a 75% tax exemption on Property Taxes. This effort contributes to the ongoing mission to address the "missing middle" income demographic and create more affordable housing solutions.

ABOUT RESIA

Resia is an award-winning, vertically integrated real estate company that specializes in developing, building, and managing quality multifamily communities across the United States. Our mission is to deliver exceptional living experiences to the millions of American households currently spending more than half of their income on rent. Resia is a division of MRV & Co (MRVE3:BZ), one of the largest homebuilders in the world. For more information, please visit www.liveresia.com.

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