Rents at Princeton Grove in Crestview, Florida start at $381 per month with limited availability remaining of the $1,048 one-bedrooms and $1,263 two-bedrooms
Crestview, Fl. – October 27, 2025 – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and AM Affordable Housing, the nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the recent grand opening of Princeton Grove, a new $28 million affordable housing community in Crestview, Fl.
Located at 475 Aplin Road, Princeton Grove provides 107 one- and two-bedroom apartments reserved for seniors aged 55 and older, including six dedicated units for veterans of the U.S. Armed Forces. Apartments are reserved for income-qualifying residents who earn at or below 22, 30 and 60 percent of area median income (AMI), with rents ranging from $381 to $1,323 per month.
There is limited availability on our 60% AMI units with rents starting at $1,048.
An official ribbon-cutting ceremony on October 23 drew city leaders, community partners and development team members, including HTG COO, Jordan Tolman, and AM Affordable Housing Founder Alonzo Mourning, City of Crestview Councilmember Dusty Allison, Okaloosa County Commissioner Paul Mixon, and Crestview Chamber of Commerce, Board Chairman John Feeney. This is the ninth finished community by HTG and AM Affordable Housing, with several more planned or under construction, furthering their joint mission to expand access to high-quality affordable housing across Florida.
According to the latest University of Florida rental market report, Okaloosa County has a shortage of over 5,000 affordable and available rental units for renters at the 60% AMI level.
“The demand for quality rental housing in Northwest Florida has never been greater,” said Matthew A. Rieger, President and CEO of HTG. “Princeton Grove will do more than just meet the demand for apartments – it will enhance quality of life for Crestview seniors and veterans. We’re honored to deliver a property that the entire community can be proud of, and that give those who served our country access to safe, affordable and high-quality housing in their own community.”
“Providing safe, dignified and affordable housing for seniors and veterans is at the heart of AM Affordable Housing’s mission,” added Alonzo Mourning. “Princeton Grove represents what’s possible when nonprofit and private partners work together to deliver solutions that truly matter.”
“I’m proud to support Princeton Grove because it aligns perfectly with Crestview’s desire to maintain our Community Character through thoughtful growth,” said Councilmember Allison. “This development provides much-needed housing options for those who’ve given so much to this community. It’s the kind of project that keeps Crestview a place where every generation can thrive.”
Economic Growth, Population Surge Fuels Northwest Florida’s Housing Demand
Located approximately 1.5 hours from Mobile, Alabama and 1 hour north of the popular Emerald Coast city of Destin, Crestview has emerged as one of the fastest-growing cities in the Florida Panhandle. Princeton Grove is just 30 minutes from Eglin Air Force Base, one of the largest employers in Northwest Florida, 20 minutes from Duke Field and less than an hour from Hurlburt Field, which together employ tens of thousands of military and civilian personnel.
Beyond the military, Crestview’s economy is supported by a growing network of healthcare facilities, logistics operations, and educational institutions. Earlier this year, the State of Florida and Williams International announced a plan to build a new $1 billion, one-million square foot aviation manufacturing facility in the Shoal River Industrial Park in Okaloosa County – making it one of the largest projects in Northwest Florida’s history.
The area’s affordability relative to coastal markets has also attracted young families, veterans, and retirees relocating from nearby counties such as Walton and Santa Rosa, as well as out-of-state movers seeking a lower cost of living and strong community amenities.
“This growth, combined with limited new multifamily construction and rising single-family home prices, has widened the affordability gap, making developments like Princeton Grove essential to meeting the community’s housing needs,” said Rieger.
High-Quality, Supportive Living for Seniors and Veterans
The four-story Princeton Grove offers amenities including a clubhouse, resort-style swimming pool, state-of-the-art fitness center, pickleball court, dog park, theater room, and clubroom with computer stations. Individual apartments feature Energy Star® appliances, granite countertops, and other modern finishes, and the property is National Green Building Standard certified. Residents have access to services including financial literacy and employment assistance programs.
Princeton Grove was financed with $9.1 million in 4% Low Income Housing Tax Credit equity provided by Truist Capital Corporation; a $14 million construction loan from Truist Bank; $8.55 million from the State Apartment Incentive Loan (SAIL) program; a $600,000 Extremely Low Income (ELI) loan; a $654,000 National Housing Trust Fund loan; and a $7.45 million Freddie Mac loan through Grandbridge Real Estate Capital. The development team included Bayern Construction (general contractor); Choctaw Engineering (civil engineer); PQH Group (architecture and interior design); Booth Design Group (landscape designer), and Builders Design (interior designer).
Those interested in applying can visit www.princetongrovehtgm.com, call (850-909-7550), or stop by our leasing office to learn more and take a tour.
