Campbell Arms Apartments
Built in 1968, Campbell Arms Apartments is a 201 unit multi-family apartment complex located approximately 30 miles south of Miami in the suburb of Homestead. After being severely damaged by Hurricane Andrew in 1996, the property went through the LIHPRHA program extending its use agreement for 50 years.
Part of the portfolio purchased from another non-profit, POAH coordinated with HUD to complete a transfer of the properties in 2009.
After owning the property for a year, the POAH team again worked with HUD and the local Miami Public Housing Authority to prepay the existing 236 mortgage, thereby triggering enhanced vouchers for all income-qualified residents. This second transaction enabled the development team to capitalize approximately $1.6M for property improvements including: the lining and repairing of sewer and drainage pipes, repair of concrete balconies, a new playground and basketball court and repaired parking lot. Conservation measures include LED exterior lighting that helps reduce electric consumption, new aerators, shower heads, and toilet mechanisms.
- US Department of Housing and Urban Development (HUD)
Awards and Accolades
Named one of "The 13 Most Creative Deals of 2009" by Apartment Finance Today magazine