Round Hill Capital has made an investment in a workforce housing development project located in Lake Worth Beach, Florida. No financial terms were disclosed. Named “The MID,” the project is the second in a series of investments under a joint venture between Round Hill and Affiliated Development, a Fort Lauderdale-based real estate development firm.
LONDON & NEW YORK–(BUSINESS WIRE)–Round Hill Capital, a leading global real estate investment, development and asset management firm, today announces that it is investing in a workforce housing development project located in Lake Worth Beach, Florida.
The project, named “The MID”, represents 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, demonstrating its commitment to targeting opportunities that bring about a positive social impact and helping to drive further sustainability and corporate responsibility within the firm.
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, while still allowing residents to maintain a high-quality of living. 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, Florida.
Rob Reiskin, Senior Managing Director, Head of Americas at Round Hill Capital, said:
“This investment is consistent with Round Hill Capital’s strategy of investing in and operating high-quality residential accommodation assets in the U.S. The need for reasonably-priced housing options in South Florida, an attractive region backed by strong demographics and a highly skilled workforce, is greater than ever. We are proud to be supporting the growing Lake Worth Beach community and further expanding our commitment to targeting opportunities that bring about a positive social impact, by providing South Florida residents with much-needed, high-quality residential options offered at a meaningful discount to the surrounding metro areas.
“Affiliated Development has been a tremendous partner to date, and we look forward to pursuing and developing a significant multifamily housing portfolio in underserved areas within South Florida through our joint venture.”
Michael Bickford, Founder and CEO of Round Hill Capital, commented:
“The U.S. residential market continues to be an important area of focus for Round Hill Capital. We have a strong team in place to identify acquisition opportunities backed by attractive investment fundamentals and robust future growth drivers and we are excited by the strength of our attractive pipeline of investment opportunities as we expand our U.S. presence.”
About Round Hill Capital
Round Hill Capital is a leading global specialist real estate investment, development and asset management firm. Since inception in 2002, Round Hill Capital has acquired and repositioned for long-term institutional ownership over 110,000 residential units and student housing beds. Round Hill Capital is a responsible landlord of assets offering housing to a range of occupants, from students through to senior citizens.
Round Hill Capital has an established track record of generating high risk-adjusted returns and invests in and asset manages real estate on behalf of some of the world’s leading institutions and private investors.
Further information on Round Hill Capital is available at: www.roundhillcapital.com.