Trending Multifamily News
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on the acquisition and financing of Shoreline Villas, a new $15.6 million affordable housing community in Okaloosa County, just 10 minutes from the Panhandle city of Fort Walton Beach. Apartments at Shoreline Villas will be reserved for income-qualifying residents aged 62 years and older who earn at or below 33 and 60 percent of the area median income (AMI), with rents ranging from $482 to $1,053 per month. Construction has commenced at the property and is scheduled to be delivered in May of 2022.
“Fort Walton Beach, like many parts of the panhandle, is under-served where senior housing is concerned, and with more people moving to Florida every day, there continues to be considerable demand for affordable housing in the region,” said Matthew A. Rieger, President and CEO of HTG. “Shoreline Villas addresses this need for housing in the area and provides residents substantial savings on housing costs, while also providing several amenities and services that ensure a high standard of living.
Located at 203 Dates Avenue NW, the three-story garden-style community will offer a mix of one and two-bedroom units ranging from 650 square feet to 873 square feet. The community’s amenities will include an 800-square-foot, luxury-style swimming pool, putting green, pickleball court, fire pit, dog park, community garden and a walking path with a trellis area. In the 3,155-square-foot clubhouse on property, residents can access an activity room with a catering kitchen and bar, living room, theater, and fitness center. The clubhouse will open to a 1,127-square-foot covered patio overlooking the pool and outdoor amenities. In addition, residents will also have access to literacy training, financial assistance, and employment assistance services on-site.
Funding sources for Shoreline Villas include $10.4 million in 9% Low Income Housing Tax Credit Equity (LIHTC) provided by Raymond James, 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 Cristina Stiles, and surveyors Panhandle Associates.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing and broken ground on Bryce Landing, a new $21.9 million affordable housing community in Clay County, Florida – roughly 40 minutes south of Jacksonville. Apartments at Bryce Landing will be reserved for income-qualifying residents who earn at or below 30 and 60 percent of area median income (AMI), with rents ranging from $314 to $1,039 per month. The property is scheduled to deliver in the spring of 2022.
“The need for affordable housing in Florida is at an all-time high, and parts of North Florida like Clay County are feeling that need the most,” said Matthew A. Rieger, President and CEO of HTG. “We are honored and proud to address the demand and build Bryce Landing in a region that so desperately needs it. With the help of our committed partners, we look forward to building a quality, safe affordable housing community for the residents of Clay County.”
Located at 1914 Bryce Landing Way, the four-building garden style community will offer a mix of one-, two- and three-bedroom units ranging from 717 square feet to 1,191 square feet. The community’s amenities will include a clubhouse that contains a state-of-the-art fitness center, media center, resort-style pool and cabanas. Additional outdoor amenities will consist of a dog park, 15,000-square-foot park, playground, picnic pavilion, and an observation deck for view of the natural surrounding wetlands. Residents will also have access to literacy training, financial assistance, and employment assistance services on-site.
Funding sources for Bryce Landing include a $16.5 million construction loan, a $6.3 million permanent loan from JPMorgan Chase, and $1.7 million in 9% Low Income Housing Tax Credits from Florida Housing Finance Corporation syndicated through Raymond James Tax Credit Funds.
The project team for Bryce Landing includes general contractor Kellogg & Kimsey, Inc., architect Fugleberg Koch, landscape architect Wood and Partners, and engineering firm CHW Consultants.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has been awarded tax credits from the Texas Department of Housing and Community Affairs to develop a new 90-unit, $22 million mixed-income apartment community in the heart of Fort Worth, Texas. Located at 1209 Jacksboro Highway, with elevated views over the Trinity River and Rockwood Park, Park Tower will offer 78 income-restricted apartments for households earning less than 30, 50, and 60 percent of the area median income (AMI), and 12 unrestricted, market-rate apartments. Monthly rents at Park Tower will range from $400 to $2,000.
Construction is slated to begin by February 2022, pending closing of financing, with completion expected by late 2023. The development will create approximately 145 local jobs (41 permanent), provide recurring local business revenues and generate approximately $2 million in local tax revenue during the construction phase.
“The need for affordable housing in Fort Worth has never been more urgent,” said Matthew A. Rieger, President and CEO of HTG. “We’re delighted to make our entry into the Fort Worth market with Park Tower, which will provide safe and affordable housing to Fort Worth residents who are otherwise priced out of this growing community.”
Park Tower will deliver one-, two- and three-bedroom residences in one four-story, elevator-serviced mid-rise building. Individual apartments will include balconies, window coverings, contemporary-style wood flooring with carpeting, central heating and air conditioning, ceiling fans, walk-in closets and washer and dryer connections. The kitchen will be well apportioned and include spacious quartz countertops, and Energy Star rated appliances. Community amenities will include a clubhouse/community room, business center/computer lab, state-of-the-art fitness center, central laundry, courtyard, on-site management and WiFi in all common areas. The property will offer 44 surface parking spaces and 101 garage parking spaces.
Park Tower is conveniently located west of downtown Fort Worth with close proximity to transit corridors, shopping, dining and employment centers.
The design team is headed by Overland Partners Architecture and Urban Design. Founded in 1987 in San Antonio, Overland has been recognized by Architect magazine as one of the top 50 design firms in the United States in 2015 and one of the top 50 sustainable design firms in 2016. Sensitive to the environmental and aesthetic contexts of projects, the firm thoughtfully integrates technology, art, and craft to uncover world-class, innovative sustainable solutions for highly complex projects.
Housing Trust Group (HTG), one of the largest developers of affordable housing in the United States, is ramping up its development activities in several new states to help meet the overwhelming demand for affordable housing in the wake of the COVID-19 pandemic.
To accelerate HTG’s growth, the company has restructured and appointed HTG executives to oversee pipeline growth and development activities in four territories: the Gulf Region (including Florida, Puerto Rico and Alabama), Atlantic Region (including Georgia, North Carolina and South Carolina), Midwest Region (including Illinois and Missouri), and Southwest Region (including Texas, Colorado and Arizona). The combined target states are responsible for administering over $608 million in 9 percent Low Income Housing Tax Credits (LIHTC) each year.
“The pandemic has exacerbated demand for affordable housing across the country so there is a tremendous need for firms like HTG with a proven track record to deliver affordable developments. We have been putting boots on the ground in local markets around the country to address each community’s unique needs,” said Matthew A. Rieger, HTG President and CEO. “HTG has excelled for over a decade as an award-winning affordable developer in Florida, and we’re excited to be able to deliver this expertise to more state and community leaders who want to tackle the housing crisis head-on using the most prudent, fiscally responsible strategies possible.”
Housing industry experts are optimistic that Congress will allocate more resources to affordable housing development in the year ahead, including potentially expanding the federal tax credit program, which gives financial incentives to private sector firms who invest in underwriting a portion of affordable housing.
“The housing crisis is a problem so large and universal that it is beyond the ability of any single municipality or state to address,” said Rieger. “Fortunately, the federal tax credit program has enjoyed broad bipartisan support from democrats to republicans alike since its inception over 35 years ago.”
In 2021, HTG will submit proposals and applications for tax credit-funded affordable development opportunities in Texas, Florida, Georgia, North Carolina, South Carolina, Colorado and Illinois. By 2025, the company intends to expand its footprint even further with development activity in Alabama, Puerto Rico, Tennessee, Nevada, Utah, Michigan and Indiana.
Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has officially completed The Palms at Town Center, an 88-unit apartment community located at 470 Bulldog Drive in Palm Coast, Florida. The property is already 100 percent occupied.
The Palms at Town Center is HTG’s largest ‘workforce housing’ community, providing affordably priced apartments for residents who are both low income and those who are marginally above what would allow them to traditionally qualify for affordable housing.
“Housing Trust Group is appreciative of Flagler County and Palm Coast officials for recognizing the need for more housing for working families in this community, and working with us to complete The Palms at Town Center,” said Matthew A. Rieger, President and CEO of HTG. “The COVID-19 crisis has had a significant impact on the economic stability of the entire country, so having attainable housing accessible to as many as possible is key to ensuring the well-being of those who have been hit the hardest.”
The Palms at Town Center is a garden-style development of 3 three-story buildings and a full featured clubhouse. The new community offers a mix of units including: 30 one-bedroom, 50 two-bedroom and 8 three-bedroom units. Units feature open floor plans, full-sized Energy-Star appliances, ceiling fans and washers and dryers. Amenities at The Palms at Town Center include a swimming pool, dog park, playground, walking trails, clubhouse, media center, car canopies and grilling stations.
The Palms at Town Center is a mixed-income community, consisting of 32 units for families at or below 30 percent of the area median income (AMI), 8 units for those at or below 60 percent AMI, and 48 units for those at or below 80 percent AMI. Rents will range from $273 for a one-bedroom and up to $1,242 for a three-bedroom apartment. The reduced rents, made possible through the use of the federal LIHTC program and Florida Housing SAIL program will vary depending on each eligible resident’s income.
The construction and design team for The Palms at Town Center includes Fugleberg Koch of Winter Park (architect); Singhofen and Associates of Orlando (civil engineer); Foster Conant & Associates of Orlando (landscape architect); Christina Stiles Interiors of Maitland (interior designer); and Gomez Construction Company of Orlando (general contractor). The leasing broker and land manager of the Town Center at Palm Coast CDD is Douglas Property and Development and HTG Management is the property manager.
Financing sources for The Palms at Town Center was provided through a $8.5 million SAIL loan from Florida Housing Finance Corporation, a $6 million construction loan from Fifth Third Bank, a $3 million construction loan that converts to a permanent loan from Chase Bank and $6.2 million in four percent housing tax credit equity from Raymond James Tax Credit Funds. The Palm Coast Innovation District Kick Start Program also provided $440,000 toward water/sewer fees to make the development feasible.
Housing Trust Group (HTG), an award-winning multifamily firm and one of the nation’s largest developers of affordable housing, is proud to announce the appointment of Jordan D. Tolman to the role of Chief Operating Officer. As COO, Tolman will oversee all of HTG’s real estate divisions including acquisitions, entitlements, new development, construction, legal, finance, and property management. He reports to President and CEO Matthew A. Rieger.
HTG is an award-winning, full-service developer of multifamily residential communities with over 6,000 affordable and market-rate units throughout Florida, Georgia, Texas, and Arizona, and more than 2,000 new apartments in the pipeline.
“Jordan’s extensive real estate and construction experience will make him an invaluable asset for our team,” said Rieger. “Having someone with a diverse and broad legal background step in as COO will uphold our standard of quality and propel Housing Trust Group forward in its national expansion plans.”
Prior to moving to Florida and joining HTG, Tolman served as a Principal of a real estate development company headquartered in New York City. Prior to that, Tolman was a partner of two law firms where he represented numerous clients in diverse legal areas such as: drafting and negotiation of construction contracts and consulting agreements, commercial and residential leasing, and building management. He represented developers, owners, and management companies in all facets of the development cycle.
Tolman earned a B.A. from the University of Pennsylvania and a Juris Doctor from Cardozo School of Law in New York City. Tolman brings a wealth of expertise to HTG regarding construction, development and law as well as leasing, licensing, and management.