Colonial Park, which targets seniors ages 55 and over, was recently finished in Margate. The total development cost for this project was about $14 million. The four-story Broward County project, located at 1300 Banks Road, features 160 one- and two-bedroom units. The apartments range in size from 601 sf to 786 sf. The rental range is $680 to $805 per month.
Triad Housing Partners also is developing another senior apartment community in Broward County: The Meridian in Hollywood, FL. The Meridian's total development cost is approximately $15 million. Also totaling 160 units, the development has eight stories and is located at 2900 N. 26th Ave.
Oliver Pfeffer, one of the partners in Triad Housing Partners, tells GlobeSt.com that he expects the project to be completed close to July 15. The community currently is accepting rental applications.
Amenities will include a clubhouse, a library, a computer center, a fitness center, a social room and a card room. Models are not yet available but are expected to be open in a few weeks. The temporary sales center is located at 2609 N 26th Ave.
The one- and two-bedroom units will range from 556 sf to 785 sf. Monthly rents will range from $680 for one-bedroom units, including water, cable and laundry facilities, to $805 for two-bedroom units.
"I do believe that Broward County has one of the largest concentrations of elderly in the state of Florida," Pfeffer says. "We see these two communities as really going to fill a tremendous need for quality, very reasonably priced rental housing. And we're seeing that in our pre-leasing--we're seeing a huge need."
The additional three properties the developer has planned will be on the East Coast of Florida, north of Palm Beach, Pfeffer says. Each of them will be larger than 150 units, he says. Triad Housing Partners specializes in apartments.
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