Developers are looking to soon purchase a 14-story senior living facility in Aventura known as Imperial Club.
Located at 2751 NE 183rd St., Imperial Club is an assisted living facility that also offers accommodations for independent living. Darren Smith, president of Smith & Henzy Advisory Group, says the real estate development firm plans to convert the building to a completely independent living facility for low-income residents aged 62 and up.
“It’ll still be Imperial Club,” wrote Smith in an email to the Biscayne Times. “The renovation will consist of a major face-lift on units and extending the useful life of the building. No new construction will occur.”
(SmithHenzy.com)
Darren Smith, Smith & Henzy Advisory Group President
Imperial Club had an initial change in ownership only five years ago, when SunTrust Bank provided $28.6 million in financing to Imperial Club LP to acquire and renovate the property in 2019. That initial renovation included adding 10,000 square feet to the main level, refurbishing elevators, providing cosmetic upgrades and enhancing the dining room, in addition to adding new open living spaces, a theater room, a salon, a fitness center and rehab facilities.
As such, Smith said Imperial Club is currently in great condition. The reasoning behind the upcoming sale and rehabilitation has more to do with affordability, the lack of which he says is plaguing assisted living facilities nationwide.
Smith noted high costs associated with managing an assisted living facility, making rent pricey for residents. Rent for a unit at Imperial Club currently ranges from around $2,000 to almost $4,000 monthly.
His vision is thus to convert the price tag over at Imperial Club to one that coincides with affordable housing requirements. That means residents who qualify will pay 30% of their income on rent, in order to comply with guidelines by the U.S. Department of Housing and Urban Development (HUD).
(Imperial-Living.com)
Imperial Club in Aventura includes 221 apartment homes for seniors.
Smith said his team will be finalizing application and waitlist plans for new residents in the coming months.
As for the approximately 70 residents that currently live at Imperial Club, Smith & Henzy Advisory Group is working to determine which of those will qualify based on income.
“For those that do not, we are working with each resident individually to tailor a plan that is consistent with HUD rules, and in many ways exceeds the regulations,” said Smith. “We understand the age demographic of tenants that live here and are sensitive to ensure each resident is treated just as we would want our family members to be treated.”
Smith said the deal is expected to close in July, after which renovations will take one year to complete.
(Imperial-Living.com)
Residents at Imperial Club currently have access to several amenities, including organized transportation.
He and his firm are seeking $60 million in multifamily mortgage revenue bonds for the acquisition and renovation of the property. The Miami-Dade Board of County Commissioners authorized the Housing Finance Authority (HFA) of Miami-Dade County to issue those bonds in April.
The project will be funded solely by tax-exempt bonds and 4% low-income housing tax credits, said Smith.
Smith & Henzy Advisory Group is an affordable housing firm with a $2.5 billion portfolio, according to its website. It has preserved or created more than 8,000 affordable apartments since 2014, working primarily in the states of Florida and New York.
(Imperial Club via Facebook)
There are currently 70 residents at Imperial Club in Aventura.