LAKE WORTH BEACH, FL—Round Hill Capital, a global real estate investment, development and asset management firm, is investing in a workforce housing development project here.
The project, named "The MID", is the second in a series of investments under a joint venture between Round Hill Capital and Affiliated Development, a Fort Lauderdale-based real estate development firm. This investment forms part of Round Hill Capital's Environmental Social and Governance ("ESG") Strategy.
The MID, will be under construction by the end of this week, a spokesman tells GlobeSt.com. The cost of the project was not disclosed. Round Hill's first US investment, a partnership with Cortland, an Atlanta-based investment and management firm, was The Exchange at North Haven, a 411-unit inner suburban apartment community located in the Brookhaven/Chamblee neighborhoods of Atlanta.
The MID will consist of 230 rental units and cater to the growing workforce population by offering rental rates at a meaningful discount to the surrounding metro areas. The MID will feature Class A amenities and facilities, including a resort-style pool deck, fitness room with yoga/cycling studio, community room, co-working facility, private dog park and full-time concierge. The building will also include 10 ground floor live-work spaces and gated private parking.
Located a mile north of downtown Lake Worth Beach, an area that is currently being revitalized via public and private investment activities, The MID is situated in the middle of two fast growing markets, West Palm Beach and Boynton Beach/Delray Beach, and is expected to open in early 2021.
In partnership with the Lake Worth Beach Community Redevelopment Agency and the City of Lake Worth Beach, The MID development project received approximately $5.1 million in gap financing and tax rebates, helping to enable the joint venture partnership to offer high-quality apartments at an attainable rate.
In April 2019, Round Hill Capital closed on its first investment with Affiliated Development, The SIX13, a 142-unit attainably-priced development located in the Progresso Village district of Fort Lauderdale.
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