Miami, Florida – July 18, 2014 – The Modern Miami, a 16-story luxury rental community in downtown Miami, has donated more than 1,300 unused building materials to Habitat for Humanity to support development of affordable housing in Miami-Dade County, announced owner Waterton Residential.
The items were donated to Habitat for Humanity of Greater Miami, which will sell the materials at a ReStore location in suburban Cutler Bay. Proceeds from the items, which include lighting fixtures, showerheads and ADA-compliant bathroom sinks, will be used to build and renovate hundreds of homes for low-income families in the Miami area.
“Our company owns and operates properties in 15 states across the country, and we believe it’s important to give back to each of the communities we call home,” said Pete Vilim, co-founder of Chicago-based Waterton Residential. “This donation is just one way of doing that and reflects our ongoing commitment to providing quality housing to the residents of greater Miami.”
Since its inception in 1989, Habitat for Humanity of Greater Miami has served more than 1,000 low-income families in Miami-Dade County, offering affordable, energy-efficient homes that are sold at cost with interest-free financing. The homes are built using volunteer and homeowner labor, outside financial contributions and donated building materials, allowing families who are unable to qualify for a conventional mortgage to realize their dream of homeownership.
“We are grateful to the Modern Miami for assisting Habitat for Humanity in its effort to provide affordable housing to lower income families in the Miami area,” said Missy Monokian, director of Miami Habitat’s ReStore location. “We not only build homes, but also see lives forever changed by this community effort.”
The Cutler Bay ReStore location, which opened last year, offers new and gently used furniture, home accessories, appliances and building materials that it sells for a fraction of their full retail value. Donations come from a variety of sources, including manufacturers, builders, and residential and commercial properties, as well as private individuals. In addition to generating funds for the development and renovation of affordable homes, ReStores divert thousands of tons of usable goods and materials from landfills each year.
“When we acquired Modern Miami last year, we knew that we were going to make several modifications to the original fixtures and finishes to make the common areas and 174 units more consistent with our vision for the building,” said Will Adams, community manager of the Modern Miami. “Donating the unused materials to Habitat for Humanity allowed us to support a great cause while simultaneously reducing the environmental impact of these cosmetic changes.”
Located in Miami’s bustling Health Medical District, the Modern Miami offers spacious one- and two-bedroom residences with unobstructed views of the city and nearby Marlins Park. Floor plans range from 805 to 1,148 square feet, with rents starting in the $1,700s. All apartments feature two full baths; private balconies; hardwood and ceramic tile flooring; custom window treatments; two-tone designer paint; fully equipped kitchens with granite countertops, upscale cabinetry and stainless steel appliances; in-unit washers and dryers; and covered parking.
Residents also have access to a variety of on-site amenities, including a state-of-the-art fitness center, outdoor pool and sun deck, resident coffee bar and business center, and a fully furnished guest suite for visitors. In addition, the community offers 24-hour maintenance and concierge services.
Adding to the Modern Miami’s appeal is its central location, minutes from South Beach and the Miami International Airport and across from the University of Miami and Metrorail. The community also offers easy access to State Road 112, I-95 and the Dolphin Expressway/I-395.
For more information, visit www.themodernmiami.com or call (877) 958-9882.
About Waterton
Waterton Associates L.L.C. (“Waterton”) is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton manages its investments through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality.
Waterton has a proven expertise in selecting and managing attractive risk adjusted real estate investments located in major markets around the United States. Since its formation, the company has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. As of June 30, 2014, Waterton’s portfolio included over $3.7 billion in assets including approximately 20,000 multifamily units and 11 hotels. For more information, please visit www.WatertonAssociates.com.
