Trending Multifamily News
Housing Trust Group (HTG), a leading multifamily developer, and Mount Hermon African Methodist Episcopal Church Inc., under the ministry of Rev. Dr. Henry E. Green Jr., proudly announce the completion of Mount Hermon Apartments, a $43.5 million affordable housing community for seniors aged 62 and older.
This development brings 104 new affordable homes to the heart of Fort Lauderdale, meeting a growing need for senior housing in Broward County.
Mount Hermon Apartments is now open to income-qualifying residents who earn at or below 25% and 60% of the area median income (AMI), with rents ranging from $433 to $1,422 per month, well below the local average of $2,229 for a one-bedroom apartment in Fort Lauderdale (Apartments.com). The seven-story development features a mix of one- and two-bedroom units, ranging from 650 to 950 square feet. Community amenities include an expansive rooftop terrace that includes a dedicated paved walking pathway for residents, covered lounge seating and an outdoor kitchen with a BBQ, a state-of-the-art fitness center, a multipurpose clubroom, and an outdoor community gathering space on the 2nd floor.
Located at 750 NW 4th Street, Mount Hermon Apartments offers comprehensive services for residents, including 24-hour assistance, an assurance check-in program, adult literacy training, and help with light housekeeping, grocery shopping, and laundry.
“The completion of Mount Hermon Apartments is a major milestone in our efforts to address the urgent need for affordable housing in Broward County,” said Matthew A. Rieger, President and CEO of HTG. “Partnering with Rev. Dr. Henry E. Green Jr. and the Mount Hermon AME Church has allowed us to create a high-quality community that not only offers seniors a safe and supportive environment but also provides an affordable place to call home. This project underscores the impact of collaboration in tackling the housing crisis, particularly for vulnerable seniors in South Florida.”
Mount Hermon Apartments was financed with $32.6 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $33 million construction loan from TD Bank, a $7.536 million permanent loan through Berkadia and Freddie Mac, and a $640,000 loan from the City of Fort Lauderdale.
The project team includes general contractor HTG Gomez Construction, civil engineering and landscape firm Thomas Engineering, architect REP-R-TWAR, and interior designer B. Pila Design Studio.
Housing Trust Group (HTG), a leading multifamily developer has closed on financing and commenced construction on The Rushmore, a $33.8 million affordable housing community located in the Energy Corridor of Houston, Texas. The family-oriented development comprised of 101 units is HTG’s first community in Houston and third overall in Texas.
Apartments at The Rushmore will be mixed-income. There will be 85 units reserved for income-qualifying residents earning at or below 30%, 50%, and 60% of the area median income (AMI) and 16 units priced at market rate.
“With Houston’s population continuing to grow rapidly, so does its need for affordable housing that addresses immediate demand throughout the area,” said Matthew Rieger, President and CEO of HTG. “As the nation’s fourth largest city, affordable housing options have remained scarce, creating a severe shortage in apartment units accessible to low-income renters.”
According to a report from the National Low Income Housing Coalition, Houston has the nation’s second most severe shortage of affordable and available rental homes at just 15 available per 100 extremely low-income households (NLIHC).
Located at 800 Highway 6 S, The Rushmore will consist of 32 one-bedroom, 50 two-bedroom, and 19 three-bedroom units with rents ranging from $532-$1,875 per month. Residents will enjoy onsite amenities including a resort-style swimming pool, community clubroom, workroom, state-of-the-art fitness center, game room, and a designated dog walking path.
Furthering these amenities, The Rushmore will include resident-focused offerings such as annual income tax preparation, career training and partnerships, quarterly social events with law enforcement and first responders, bimonthly arts and crafts, and notary services during business hours.
The Rushmore is a public-private partnership. Funding sources include $20 million in construction financing from Citi Community Capital, $15.2 million in Low-Income Housing Tax Credits (LIHTC) syndicated through Raymond James, $3 million in HOME financing from the City of Houston, a $5.975 million American Rescue Plan Act (ARPA) loan from Harris County, and an $8.1 million permanent loan from Citi Community Capital. The Harris County Housing Financing Corporation is the general partner and is providing a 99-year ground lease to ensure long-term affordability.
The design and construction team for The Rushmore includes General Contractor Harris County Housing Finance Corporation, Prime Subcontractor EOS Builders LLC, HEDK Architects, engineer WGI Inc., interior design by Builders Design, and landscape architecture by GreenScape Associates.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has secured financing and commenced development on Rainbow Village, a $185 million mixed-use development with 310 affordable housing units in Miami, Florida. Construction is expected to be completed in Q1 2027, with leasing to begin in late 2026.
Rainbow Village will be reserved for income-qualifying residents who earn at or below 30, 50, 60, 70, and 80 percent of the area median income (AMI). Monthly rents for our one-, two-, and three-bedroom apartments will range from $793 to $2,634, significantly below the median rents in Miami, which range from $1,875 to $9,070 for comparable units. (Zillow).
“As Miami continues to face a growing demand for affordable housing, Rainbow Village will offer much-needed relief to working families throughout the community,” said Matthew Rieger, president and CEO of Housing Trust Group. “This new development will not only provide a place to call home but will also serve as a cornerstone of stability and opportunity for generations to come.”
Located at 2000 NW 3rd Ave, Rainbow Village will feature 30 studio apartments, 163 one-bedroom units, 85 two-bedroom units, 28 three-bedroom units, and 4 four-bedroom units. Spanning more than 698,000 total square feet, Rainbow Village will include almost 12,000 square feet of retail, more than 50,000 square feet of amenity space, and 442 parking spaces.
Residents will enjoy a wide range of amenities including a resort-style swimming pool, business center, lounge area, daycare, playground, covered and open courtyards, theatre room, community center with kitchen, a juice bar, bike storage room, state-of-the-art fitness center, study and play areas, onsite generators, and a fire pit area.
Residents will also benefit from other services including resident assurance check-ins, assistance with light housekeeping, grocery shopping, laundry and various community events and daily activities.
After the completion of Rainbow Village, HTG will have developed 1,500 affordable units across 12 different properties in Miami-Dade County, and over 3,000 units across 26 properties in the South Florida tri-county.
Funding sources include approximately $70 million in 4 percent Low-Income Housing Tax Credits (LIHTC) equity syndicated by Raymond James Equity Investor; State Apartment Incentive Loan (SAIL) financing of $15 million; $52 million and $57.2 million in construction financing provided by KeyBank Real Estate Capital and JPMorgan Chase Bank, respectively; $60.4 million in permanent financing provided by KeyBank Real Estate Capital; a $500,000 grant provided by Miami-Dade County, a $3.1 million PHCD seller note; a $3 million PHCD HOME loan; a $15 million loan provided by the Southeast Overtown/Park West Community Redevelopment Agency (SEOPW CRA), and $11.8 million in Bond Reinvestment Earnings.
The design and construction team for Rainbow Village includes general contractor ANF Group, architect Zyscovich, Inc., civil engineer Kimley-Horn and Associates Inc., Interior Designer Builder’s Design, and landscape architect Witkin Hults.
“ANF is proud to partner with Housing Trust Group to take on the revitalization of Rainbow Village. This project is a testament to our commitment to community excellence,” said Al Fernandez, CEO of ANF and the construction manager for the project. “Together, we will create a vibrant, transformative space that will modernize older public housing properties and add more density to help address the housing affordability shortage.”
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.
