The Millennia Cos. has transformed the physical conditions and preserved the affordability of 216 two- and three-bedroom apartments at the former Stonybrook Apartments in Riviera Beach, Florida.
Now named Azure Estates, the property underwent a more than $18 million renovation, including significant upgrades to the interiors and exteriors of the buildings, all new kitchens and bathrooms, improvements to major electrical, plumbing, and mechanical systems, and enhancements to the grounds, fire safety, and security systems.
“Transforming Stonybrook into Azure Estates to benefit hundreds of families was not easy, but the commitment to preserve existing affordable housing developments is essential to meet the nation’s increasing need,” said Frank T. Sinito, CEO at Millennia. “This community was substandard housing that had declined over decades. Residents are now enjoying fully renovated apartments, new and enhanced infrastructure, and resident services designed to enrich their lives.”
After acquiring the property in early 2019, Millennia, a leading company specializing in affordable housing preservation, closed on key financing for the project in October 2019. All units are affordable, and residents pay 30% of their income toward rent with the help of the Department of Housing and Urban Development (HUD).
Project partners include Florida Housing Finance Corp., the city of Riviera Beach, PNC Bank, Berkadia Commercial Mortgage, U.S. Bank, HUD and its Jacksonville office and Asset Management Division; Nelson Mullins; Seltzer Management Group,, NEI General Contracting, Dimit Architects, and Project Management Consultants. Millennia Housing Management is the management agent.
At a ribbon-cutting event, officials dedicated the new community center to Mary Brabham and Julia Botel in recognition of their efforts to champion quality affordable housing in Riviera Beach. The Brabham-Botel Community Center features a fitness room, a community kitchen, meeting space, and an activity center. To activate the space, the property management team partners with a range of organizations to host activities and connect residents to resources.
“I am thrilled to see how wonderful the apartments look and how happy the residents are. I have interacted with many of the families at Azure Estates throughout the process, and they could not be more pleased with the current conditions,” said Botel, a Riviera Beach City Council member. “I am glad that I supported Millennia when they approached the city concerning this project; the situation was dire, and Millennia followed through as promised.”
