By Sun Sentinel – April 12, 2024
The Sun Sentinel reports how Pinnacle was overwhelmed with demand when offering for 113 affordable rental apartments in Hollywood, with rents from $1,100 to $1,500 per month based on income limits. A staggering 21,000 people applied for the units during a 10-day registration period, highlighting the severe affordable housing crisis in the region. To fairly allocate the limited units, Pinnacle used a randomized computer lottery system overseen by the city. The 8-story Pinnacle 441 Phase 1 in Hollywood is one of several affordable rental communities Pinnacle has developed or has underway in South Florida, including senior housing in Hollywood and Miramar.
“It’s very scary,” Pinnacle partner Tim Wheat said on the crushing demand. “It’s indicative of how deep and alarming the housing crisis is in South Florida.”
