Bonita Pointe Apartments Completes Resyndication in Florida City

Bonita Pointe Apartments at 601 E Palm Drive in Florida City has completed a resyndication extending affordability at least 30 years, with renovations planned. The 164-unit community spans eight garden- and townhouse-style buildings. All units are affordable.

Built in 2004, the property was financed in 2003 with up to $8.5 million in multifamily mortgage revenue bonds from the Housing Finance Authority of Miami-Dade County. The unit mix includes 36 one-bedroom, 68 two-bedroom, and 60 three-bedroom apartments. Bonita Pointe Associates, Ltd. developed the project; Cornerstone Residential Management, Inc. manages it.

Cornerstone's Bonita Pointe Associates sold the property to Blackstone for $13.94 million in January 2022. In 2026, April Housing, Blackstone Real Estate's affordable housing portfolio company, closed a resyndication extending affordability at least 30 years. Nearly $15 million in renovations is planned, financed with 4% Low-Income Housing Tax Credits and tax-exempt bonds.

Planned renovations include Energy Star appliances, water-efficient fixtures, energy-efficient windows, water heaters, HVAC units, and storm- and climate-resilient upgrades. Amenities include a resort-style pool, fitness center, residential lounge, and coworking space.