Housing Trust Group (HTG), one of the nation’s largest developers of multifamily communities, celebrated the grand opening of Arbor View, a $27 million development in the City of Margate in Broward County. Arbor View offers 100 affordable apartments for individuals 55 years of age or older earning at or below 60 percent and 33 percent of the area median income (AMI). Rents range from $428 to $1,002 for one- and two-bedroom units per month. The property was 100 percent leased on the day it opened.
Public officials, community members and guests gathered this morning at the property located at 3100 N. State Road 7 for an official ribbon-cutting ceremony and reception. During the ceremony, Matthew Rieger, President and CEO of HTG, thanked Broward Country, the City of Margate, Mayor Arlene Schwartz, and Building Director Richard Nixon for recognizing the dire need for affordable senior housing in their community and championing this development. HTG broke ground on the project in December of 2016.
“Communities like Arbor View happen when the public and private sectors work together to solve a problem; in this case the extreme shortage of affordable housing in South Florida,” said HTG’s President & CEO Matthew Rieger.
“With 70 percent of Broward rental households cost-burdened, the need is dire, particularly for retirees and veterans on fixed incomes. We’re proud that Arbor View provides 100 more seniors with beautiful apartment homes at less than half the market rate. But it will take a concerted effort on the part of our lawmakers and leaders to ensure that we can continue to build communities like this and address the vast undersupply of affordable housing. Corporate tax reform and rising interest rates has made financing these developments all the more challenging. Meanwhile, the housing crisis grow steadily worse as wages continue to stagnant while real estate prices rise. We urge our state and federal lawmakers to make affordable housing a priority in the 2019 legislative agenda.”
Arbor View comprises 64 one-bedroom apartments and 36 two-bedroom apartments, ranging from 715 to 915 square feet.
The 2.5-acre community features exceptional resort-style amenities that rival market rate luxury communities that include a swimming pool, dog park, computer lab, community room, fitness trail, and state-of-the-art fitness center.
The project team for Arbor View included local South Florida architectural firm Corwil Architects, construction company Current Builders, and a design collaboration of RPJ, Inc., M.A. Suarez & Associates, and HSQ. B Pila was the interior designer for the development.
HTG recently celebrated the grand openings of two affordable housing developments in March on Florida’s west coast: Spring Hill’s Hammock Ridge and Park at Wellington in Holiday. Additionally, HTG has seven affordable housing communities under construction in South Florida including Douglas Gardens in Pembroke Pines, Princeton Park in Miami, Heron Estates in Riviera Beach, Twin Lakes Estates in Lakeland, Hammock Ridge II in Spring Hill, The Addison in Bradenton and Freedom Gardens II in Brooksville.