Affiliated Development Launches $125M Fund to Build Apartments in South Florida
Fort Lauderdale-based Affiliated Development launched a $125 million fundraising effort to develop workforce apartments in South Florida and Central Florida.
The company, led by Jeff Burns and Nick Rojo, already has a slate of projects in the works. Burns said the 230-unit Bohemian, which is proposed in Lake Worth Beach, would be among the projects supported by its new fund. The Affiliated Housing Impact Fund aims to help investors capitalize on Florida’s population growth, and the shortage of apartments priced for the average working household.
“Over 60% of renters in the South Florida area are cost-burdened, meaning they pay more than 30% of their income on rent,” Burns said. “The tremendous demand for attainably priced housing in South Florida has been compounded by the influx of new residents and businesses migrating to the area. We feel a sense of responsibility to work alongside local government to help find solutions to this growing issue.”