SOURCE: Pinnacle at Avery Glen

Pinnacle at Avery Glen

May 14, 2012 09:07 ET

New Generation of Apartments Combines Luxury With Affordable Living at Pinnacle at Avery Glen

Community Hosts Opening, Now 100 Percent Leased

SUNRISE, FL--(Marketwire - May 14, 2012) - Pinnacle Housing Group will host the official opening of Pinnacle at Avery Glen, featuring a new generation of affordable, luxury-styled apartment homes, 100 percent leased as a result of its reasonable rents combined with market-rate amenities. The community's success relies on another highly-effective public/private partnership and Pinnacle's commitment to "green" building. Pinnacle at Avery Glen, located at 3871 N. Pine Island Road in Sunrise, will celebrate its debut with an open house from 5 to 7 p.m. on May 31.

In attendance at the event will be many local leaders, including officials from the City of Sunrise, who worked closely with Pinnacle Housing Group during the development process.

"Pinnacle Housing Group brings with it a track record of success," said Sunrise Mayor Michael J. Ryan. "Residents will appreciate that Pinnacle's high-end apartments come without high-end pricing. Importantly, this project represents $26.4 million in new development in Sunrise. Thanks to the commitment of the City staff and the exceptional working relationship with the Pinnacle Housing Group, these apartments were quickly filled with families and new residents."

Timothy P. Wheat, Regional President of Pinnacle Housing Group, pointed out that the company's broad public/private partnership extends to county, state and federal levels.

Pinnacle Housing Group utilized $6.19 million in Tax Credit Exchange Program (TCEP) funds provided through the American Recovery and Reinvestment Act and awarded by Florida Housing Finance Corporation. Other funding included $2.3 million in permanent mortgage financing by Wells Fargo Bank (with additional construction period financing of $2.2 million), $17.2 million in equity (Wells Fargo) raised utilizing Housing Tax Credits awarded by Florida Housing Finance Corporation as well as $250,000 in Broward County HOME Program funds.

An essential element in the leveraging of these tax credits and other resources is the initial commitment of public dollars to secure such highly competitive resources. This, Wheat said, is where Broward County has demonstrated exemplary leadership through its commitment of HOME funds when the development was being conceived. Not only that, but Broward County's development approval and permitting process has been modernized and streamlined to effectively accommodate affordable housing communities. This was of particular importance when numerous issues concerning the adjoining County roadway threatened to delay the development.

"The Board of County Commissioners has consistently supported attracting affordable housing investment to Broward County, and the breaking down of regulatory barriers to make sure it is developed efficiently," said Broward County Housing Finance and Community Development Director Ralph Stone. "Working with Pinnacle, we were able to leverage this public/private partnership, and to preserve millions in Recovery Act funds with an extremely short fuse for expenditure."

"We leveraged available funding on all levels to create both affordability and sustainability," added Wheat. "Pinnacle at Avery Glen, like all of our communities, is set apart by offering a superior quality of life for our residents. From our clubhouse, which includes covered lanai with wet bar and propane barbeque, to our centerpiece lake with spray fountain offering waterfront views, and the public art installed at our entry, Pinnacle at Avery Glen is a community that our residents are proud to call home."

The public art located at the community's landscaped rotary entrance, "With Flying Colors," is a kinetic sculpture that embodies grace and gently moves with the slightest wind. According to the sculptors of the art, Colleen Kelley and Nicholas Nehaniv, the piece represents meeting great obstacles beyond human power, and sometimes, just flowing with the wind is the best solution. The Miami Beach-based husband and wife team work together to create many large-scale sculptures permanently installed throughout South Florida.

The community's exterior distinctiveness is matched by its interior quality. Pinnacle at Avery Glen residents come home to spacious apartments, featuring upgrades such as ceramic tile throughout, solid surface countertops in kitchen with decorative tile backsplashes, cultured marble vanity tops, island kitchen with storage and electrical outlets and computer workstations in most units.

In addition to offering a new generation of affordable rental housing product in terms of features and amenities, the community received the prestigious Florida Green Building Coalition certification. The Florida Green Building Coalition is a nonprofit dedicated to leading and promoting sustainability with environmental, economic, and social benefits through regional education and certification programs.

Green features at Pinnacle at Avery Glen include Energy Star appliances, high-efficiency air conditioning system with ceiling fans, enhanced building insulation, efficient use and recycling of building materials, Low VOC paint and efficient irrigation and drought-tolerant plants resulting in a Florida Yards and Neighborhoods Certification. The community was constructed with an eye toward long-term durability with superior storm resistance for future market competitiveness.

"Pinnacle at Avery Glen utilized an infill site allowing for a walkable community with access to amenities such as banks, stores, restaurants, medical offices and churches," said Cindy Hall, president of the Florida Green Building Coalition. "This important green building concept, which we encourage in the FGBC certification, reduces the need for additional infrastructure and vehicular traffic, thus reducing costs, resources and pollution and offering a more sustainable future for our communities."

Pinnacle at Avery Glen offers 140 apartments comprised of 36 one-bedroom, one-bath garden apartments, 68 two-bedroom, two-bath garden apartments and 36 three-bedroom, two-bath garden apartments 140 total units. Apartments range from 758 to 1,179 net square feet, and rents are $777 to $1,075. Rents are subject to annual adjustments in median income used to determine rent. Twenty-eight total units in the development (20%) have rents set aside for very low income households, ranging from $324 to $448.

In addition to the exceptional value offered at Pinnacle at Avery Glen, residents also may participate in Pinnacle Housing Group's homeownership rebate program. The program encourages first-time homeownership by providing a 5 percent rebate of rent paid for the duration of time lived at the community, after complying with minimum tenancy requirements. This enables prospective homeowners the opportunity to access automatic down payment savings simply by having paid their rent.

The rebate program is one way Pinnacle Housing Group is deeply connected to the communities in which it builds. The company also has developed a strategic alliance with Rebuilding Together Broward County Inc., which brings volunteers and communities together to improve the homes and lives of low-income homeowners. Pinnacle Housing employees, plus those from affiliated properties including Pinnacle at Avery Glen, participated in Rebuilding Together's National Rebuilding Day on April 28.

Established in 1997, Pinnacle Housing Group is a full-service real estate development company committed to solving the critical need for affordable housing in the Southeast United States' urban centers, suburban areas and rural communities. Pinnacle develops, builds, leases and owns affordably-priced, luxury-styled apartment homes. With a development portfolio of more 6,000 units concentrated in Florida, Texas and the Southeastern U.S., Pinnacle has grown responsibly into the 7th largest developer of affordable housing in the United States, according to Affordable Housing Finance magazine's "Top 50" list published in the spring of 2011. For more information, call (561) 627-2820 or visit www.PinnacleHousing.com.

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