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HOUSING TRUST GROUP & AM AFFORDABLE HOUSING COMPLETE AFFORDABLE COMMUNITY FOR SENIORS IN FLORIDA PANHANDLE
Shoreline Villas’ amenities include a pickleball court, putting green, community garden, dog park, and pool – with rents starting at $587 per month
Fort Walton Beach, Fla. (April 26, 2023) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, announce the official completion of Shoreline Villas, a new 72-unit affordable housing community catering to seniors (62 and older) in Fort Walton Beach, Florida. Apartments at Shoreline Villas are reserved for age- and income-qualifying residents who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $587 to $1,300 per month.
Located at 302 Dates Avenue NW, the three-story garden-style community offers an array of attractive amenities including a 3,155-square-foot clubhouse with a spectacular, two-story atrium, an activity room that includes a catering kitchen and bar, computer stations, and gathering areas. Other amenities include a theater room, fitness center; an 800-square-foot, luxury-style swimming pool; a putting green, pickleball court, and walking path; a dog park; and a community garden. Residents also have access to literacy training, financial assistance, and employment assistance services on-site.
“As rents skyrocket across the state of Florida, Shoreline Villas provides a safe haven for seniors on limited budgets – a place they can afford and be proud to call home,” said Matthew A. Rieger, President and CEO of HTG. “This community is one of the newest in our multifamily portfolio, catering to seniors with an active lifestyle by providing a number of high-quality amenities.”
Funding sources for Shoreline Villas include $10.4 million in 9% Low Income Housing Tax Credit Equity (LIHTC) from JP Morgan Chase and Raymond James as Syndicator, a $11.9 million construction loan and $5.1 million permanent loan, both provided by JP Morgan Chase Bank.
The project team for Shoreline Villas includes general contractor HTG Hennessy LLC, architect PQH Group, engineering firm Choctaw Engineering, landscape architect Booth Design Group, interior designer Stiles Interior and Builders Design, and surveyors Panhandle Associates.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $3 billion in commercial, land and residential developments across Florida, Texas, Illinois and Arizona. HTG develops, builds and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments. For more information, please visit www.htgf.com.
Oak Valley is a partnership between HTG and non-profit AM Affordable Housing Inc., an organization founded by former Miami Heat champion and NBA Hall of Famer Alonzo Mourning. This marks HTG’s second collaboration with AM Affordable Housing. In 2016, HTG and AM Affordable Housing completed a years-long partnership to deliver the award-winning Courtside Apartments in downtown Miami’s historic Overtown neighborhood.
“The affordable housing crisis affects everyone, but older citizens – those who are retired or living on fixed incomes – are particularly vulnerable due to the higher healthcare expenses that usually occur with age,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “Oak Valley will provide Ocala’s older residents with a safe, clean and affordable place to live, and we’re proud to be partnering once again with AM Affordable Housing to bring this new development to fruition to benefit the local community, and we give a special thanks to the City of Ocala for its support.”
The project and design team for this development includes general contractor HTG Rodda, LLC (JV with Rodda Construction); Ocala engineering firm Tillman & Associates; architecture firm The Lunz Group; and interior design group Cristina Stiles Interiors.
