Trending Multifamily News
Housing Trust Group (HTG), a leading multifamily developer, in partnership with AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, and alongside The Most Worshipful Prince Hall Grand Lodge, Ancient Free And Accepted Masons Of Florida, Inc., a Florida Non-Profit Corporation, have successfully secured financing and commenced construction on Grand East Village, a $30 million affordable senior housing community in Orlando, Florida. The development marks HTG's first venture in Orange County.
Grand East Village will offer 92 affordable apartments for income-qualifying seniors earning at or below 33% and 60% of the area median income (AMI). Monthly rents will range from $597 to $1,303, significantly lower than the current median rent of $1,902 in the greater Orlando area. Leasing is expected to begin in Fall 2025, with completion scheduled for late 2025.
“As the need for affordable housing continues to grow across Florida, we're proud to expand our reach into Orange County with Grand East Village,” said Matthew Rieger, President and CEO of HTG. “This development will provide much-needed affordable housing options for seniors in Orlando, offering not just a place to live, but a radiant community with amenities and services tailored to enhance their quality of life.”
Located at 1199 Bruton Blvd., Grand East Village is a three-story, garden-style building encompassing 96,715 square feet. The community will offer 69 one-bedroom and 23 two-bedroom units, ranging from 690 to 1,052 square feet.
Residents will enjoy a variety of amenities, including a resort-style swimming pool, multipurpose community room with a catering kitchenette and media lounge, theater room, Amazon Lockers, pickleball court, dog park, community garden, BBQ area, state-of-the-art fitness center, and on-property generators.
In addition to the residential offerings, Grand East Village will provide residents with an array of services, such as resident check-ins, light housekeeping assistance, grocery shopping, laundry services, and a range of community events and daily activities.
Funding sources include $27 million in 9% Low-Income Housing Tax Credits (LIHTC) allocated by Florida Housing Finance Corporation and syndicated through U.S. Bank, a construction loan of $23 million provided by JPMorgan Chase & Co., and a permanent loan of $6.45 million from Berkadia.
The design and construction team for Grand East Village includes general contractor BDI Construction, FK Architecture, civil engineer EXO Limited, interior design by Venus Williams – owner of V Starr, landscape architecture by Foster Conant & Associates, and Mina Robinson – owner of MMR Consulting Services, Inc.
HTG would like to thank the City of Orlando and Commissioner Bakari Burns for their invaluable support and assistance throughout the development process for Grand East Village.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has successfully secured financing and commenced construction on Red Oaks, a $26 million affordable housing community with 70 units in Austin, Texas. The development marks HTG's second development in the state of Texas on the heels of breaking ground on Inn Town Lofts -- an affordable housing community with 56 units in Lubbock, Texas -- last month.
Apartments at Red Oaks will be reserved for income-qualifying residents who earn at or below 30, 50, and 60 percent of the area median income (AMI). Monthly rents will range from $661 to $1,965, a fraction of the median rent in Austin which stands at $1,707 (RentCafe). Leasing is expected to begin in Fall 2025, with completion scheduled for late 2025.
“For more than a decade, the Austin metro grew faster than any large metro in the country and is still experiencing a continued trend of strong and rapid population growth,” said Matthew Rieger, President and CEO of Housing Trust Group. “The City of Austin is far from its goal of developing tens of thousands of affordable homes to meet this demand, underscoring the urgent need to address the city’s housing crisis. We’re proud to expand our reach into Austin with Red Oaks and look forward to growing our firm’s presence throughout the Lone Star state.”
Located at 11723 N FM 620 Road, Red Oaks is a three-story, garden-style building encompassing 80,014 square feet. The community will offer 9 studio, 24 one-bedroom 28 two-bedroom, and 9 three-bedroom units, ranging from 569 to 1,143 square feet. Residents will enjoy a variety of amenities, including a resort-style swimming pool, multipurpose community room, state-of-the-art fitness center, grilling and outdoor patio area with lounge seating, and an outdoor turf recreational area.
In addition to the residential offerings, Red Oaks will provide residents with an array of services, such as organized on-site classes, annual income tax preparation, career training and placement partnerships, an annual health fair, and a range of community social events and arts, crafts, and other recreational activities.
Funding sources include $16 million in 9% Low-Income Housing Tax Credits (LIHTC) allocated by Texas Department of Housing and Community Affairs and syndicated through Raymond James, a construction loan of $15.6 million provided by Bank of America, a permanent loan of $7 million from Berkadia through Freddie Mac, and a subordinate lender RHDA loan of $4 million provided by Austin Housing Finance Corporation.
The design and construction team for Red Oaks includes general contractor Waltz Construction, FK Architecture, civil engineer and landscape architect Kimley Horn, and interior design by Builders Design.
Housing Trust Group (HTG), a leading multifamily developer, celebrated a significant milestone with the topping off of Naranja Grand, a 320-unit affordable housing community in southern Miami-Dade County. In partnership with Miami Lakes-based Elite Equity Development, Naranja Grand will serve income-qualifying seniors and families across two eight-story buildings.
The topping-off ceremony was attended by notable figures including Miami-Dade County Mayor Daniella Levine Cava, District 9 Commissioner Kionne McGhee, Miami-Dade County Public Housing Director Alex Ballina, and Elite Equity Development partners Roosevelt Bradley and Nicole Bradley.
“Today's important ceremony represents a significant step forward in our mission to provide high-quality, affordable housing options for both seniors and families in Miami-Dade County,” said Matthew Rieger, President and CEO of HTG. “Naranja Grand exemplifies our ongoing commitment to creating vibrant, inclusive communities and offering essential housing solutions to those most in need. We look forward to the completion of this development and welcoming new residents in 2025.”
Located at 28050 SW 147th Avenue in Homestead, Naranja Grand consists of two buildings: a 120-unit senior community for residents aged 55 and older, and a 200-unit family community. The development addresses the critical need for affordable housing in Miami-Dade County, offering apartments to income-qualifying residents who earn at or below 22, 30, 60, and 70 percent of the area median income (AMI).
Naranja Grand's first phase, catering to seniors, features 91 one-bedroom and 29 two-bedroom units. The second phase, designed for families, offers 90 one-bedroom, 98 two-bedroom, and 12 three-bedroom apartments. Both 8-story residential buildings will include a range of amenities such as multipurpose community rooms, state-of-the-art fitness centers, and outdoor recreational areas. The family phase will also include a resort-style swimming pool accessible to all residents of the development. The National Green Building Standard Certified-property will feature energy-efficient lighting and appliances.
Construction on the first phase of Naranja Grand began in January 2024, with completion expected in Spring 2025. The second phase broke ground in April 2024 and is slated for completion in Q3 2025. Leasing for the senior community anticipated to begin in early 2025 and in Summer 2025 for the family community.
The design and construction team includes ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior design by Builders Design, and landscape architecture by EGS2.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and commenced development on Inn Town Lofts, a $33.7 million affordable housing community with 56 units in Lubbock, Texas. Serving as the company’s first affordable housing development in Texas, HTG will rehab one of the city’s historic yet underutilized properties, the Jim Kimmell Center, as well as develop an additional two-story building for housing. Construction is expected to begin this month, with leasing to begin in the Summer of 2025.
Apartments at Inn Town Lofts will be reserved for income-qualifying residents who earn at or below 30, 50, 60, and 80 percent of the area median income (AMI). Monthly rents will range from $452 to $1,789, a fraction of the median rent in Lubbock which stands at $1,375 (Redfin).
“As Lubbock sees an increasing need for affordable housing, Inn Town Lofts will provide relief to working families throughout the community while preserving one of the city’s most important landmarks,” said Matthew Rieger, President and CEO of Housing Trust Group. “The revitalization of Lubbock’s Jim Kimmel Center will breathe life back into a valuable part of the city’s history while serving as a point of pride and stability for families in the area.”
Located at 1202 Main Street, Inn Town Lofts will feature 26 studio apartments, 10 one-bedroom units, 12 two-bedroom units, and 8 three-bedroom units. Spanning more than 65,000 square feet, residents will enjoy a wide range of amenities including a state-of-the-art fitness center, children's playground, community laundry room, business center with workstations, community theater area, and complimentary high-speed Wi-Fi.
As part of HTG’s continuous service to residents, residents will benefit from onsite services including annual income tax prep, weekly exercise classes, and health support services, among other benefits.
“With the state of Texas on a continued path for growth, so too does its need for affordable housing,” added Rieger. “Currently, there is a severe need for available rental homes that low-income households are seeking. Having recently identified a similar situation in Illinois and answering the call in the Chicago area, HTG looks forward to replicating that success throughout the Lone Star State.”
According to the National Low-Income Housing Coalition, more than 906,000 renter households earn less than 30% of the area median income, a stark contrast to the roughly 227,000 affordable units available. This trend continues at the micro level within Lubbock County. As more than 70 percent of the renter population earned less than $40,000 in 2022, the number of affordable housing units that same year stood at only 1,805, far below the area’s total number of 33,069 housing units (Novogradac).
Funding sources include $14.5 million in 9% Low-Income Housing Tax Credits (LIHTC) equity syndicated by NEF, a $12 million construction loan provided by JP Morgan Chase Bank, a permanent loan of $4.3 million from ERA2 Treasury Funds, $2.1 million in Federal Historic Credits, a $2.5M subordinate loan from AM Affordable Housing, $225,000 in a TIF Utility Reimbursement Grant, and $125,000 in a LEDA Grant.
The design and construction team for Inn Town Lofts includes historic consultant Rosin Preservation, Wallace Architects, general contractor Teinert Construction, engineer Hugo Reed, interior designer Frosolone, and landscape architecture by Parkhill.
Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Naranja Grand II, a new $71 million affordable apartment community comprised of 200 residences in Southwest Miami-Dade County, Florida. A joint endeavor between HTG and Miami Lakes-based Elite Equity Development, Inc. (EED), Naranja Grand II is the second phase of a comprehensive two-phase development and addresses a critical need for affordable and workforce housing in Miami-Dade County. The first phase of Naranja Grand -- which caters to seniors aged 55 and older -- commenced construction in January on its 120 residences.
Apartments at Naranja Grand II will be reserved for income-qualifying residents who earn at or below 22, 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $425 to $1,878. Construction is slated to commence in April 2024, and the property is expected to be completed in Q3 2025, with leasing to begin in the Summer of 2025.
"Amidst escalating rental costs, population growth, and a noticeable shift southward in Miami-Dade County, there's an urgent demand for affordable and workforce housing," said Matthew Rieger, President and CEO of HTG. "Naranja Grand epitomizes our dedication to addressing this challenge head-on and offering relief to this persistent issue. This second phase will ensure that we continue to deliver essential housing for families in search of high-quality affordability.”
Located 28050 SW 147th Avenue, Homestead, FL., Naranja Grand II will be an 8-story residential building featuring 90 one-bedroom, 98 two-bedroom, and 12 three-bedroom units. Spanning more than 212,000 square feet, residents can indulge in a plethora of amenities, including a spacious multipurpose community room with a catering kitchen, a resort-style swimming pool, a state-of-the-art fitness center, outdoor recreational areas, a cyber cafe, and modern, chic fixtures and finishes throughout. The National Green Building Standard Certified-property will feature energy-efficient lighting and appliances.
Complementing the residential offerings, Naranja Grand II will offer residents a variety of complimentary on-site programs, such as financial management and employee assistance programs, as well as adult literacy classes.
Funding sources include: $34 million in 4% SAIL Low-Income Housing Tax Credits (LIHTC) equity syndicated through US Bank, a construction loan of $20 million provided by JPMorgan Chase & Co., a construction loan of $16.5 million provided by TD Bank, a permanent Freddie Mac loan of $16.4 million through Berkadia, a Florida Housing Finance Corporation Viability Loan of $7.6 million, a $5 million State Apartment Incentive Loan (SAIL), a loan of $4 million from the Miami-Dade County Affordable Housing Surtax Program, a $1.5 million National Housing Trust Fund (NHTF) loan, a $600,000 Extremely Low Income (ELI) loan, and a $2.5 million combined self-sourced loan from HTG and EED.
The design and construction team for Naranja Grand II includes ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior design by Builders Design, and landscape architecture by Sieger Suarez.
Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Naranja Grand II, a new $71 million affordable apartment community comprised of 200 residences in Southwest Miami-Dade County, Florida. A joint endeavor between HTG and Miami Lakes-based Elite Equity Development, Inc. (EED), Naranja Grand II is the second phase of a comprehensive two-phase development and addresses a critical need for affordable and workforce housing in Miami-Dade County. The first phase of Naranja Grand -- which caters to seniors aged 55 and older -- commenced construction in January on its 120 residences.
Apartments at Naranja Grand II will be reserved for income-qualifying residents who earn at or below 22, 30, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $425 to $1,878. Construction is slated to commence in April 2024, and the property is expected to be completed in Q3 2025, with leasing to begin in the Summer of 2025.
"Amidst escalating rental costs, population growth, and a noticeable shift southward in Miami-Dade County, there's an urgent demand for affordable and workforce housing," said Matthew Rieger, President and CEO of HTG. "Naranja Grand epitomizes our dedication to addressing this challenge head-on and offering relief to this persistent issue. This second phase will ensure that we continue to deliver essential housing for families in search of high-quality affordability.”
Located 28050 SW 147th Avenue, Homestead, FL., Naranja Grand II will be an 8-story residential building featuring 90 one-bedroom, 98 two-bedroom, and 12 three-bedroom units. Spanning more than 212,000 square feet, residents can indulge in a plethora of amenities, including a spacious multipurpose community room with a catering kitchen, a resort-style swimming pool, a state-of-the-art fitness center, outdoor recreational areas, a cyber cafe, and modern, chic fixtures and finishes throughout. The National Green Building Standard Certified-property will feature energy-efficient lighting and appliances.
Complementing the residential offerings, Naranja Grand II will offer residents a variety of complimentary on-site programs, such as financial management and employee assistance programs, as well as adult literacy classes.
Funding sources include: $34 million in 4% SAIL Low-Income Housing Tax Credits (LIHTC) equity syndicated through Raymond James, a construction loan of $20 million provided by JPMorgan Chase & Co., a construction loan of $16.5 million provided by TD Bank, a permanent Freddie Mac loan of $16.4 million through Berkadia, a Florida Housing Finance Corporation Viability Loan of $7.6 million, a $5 million State Apartment Incentive Loan (SAIL), a loan of $4 million from the Miami-Dade County Affordable Housing Surtax Program, a $1.5 million National Housing Trust Fund (NHTF) loan, a $600,000 Extremely Low Income (ELI) loan, and a $2.5 million combined self-sourced loan from HTG and EED.
The design and construction team for Naranja Grand II includes ATL Architecture, general contractor Gomez Construction, engineer EAC Consulting, interior design by Builders Design, and landscape architecture by Sieger Suarez.
