Housing Trust Group (HTG), a leading multifamily developer that develops, builds, and manages a $4 billion portfolio of affordable, workforce, market-rate, and senior housing, is excited to announce the completion and grand opening of Crescent Place, a brand-new $18.2 million affordable housing community in Arlington Heights, Illinois. Located about 40 minutes north of Downtown Chicago, the community marks HTG’s entry into the state of Illinois's affordable housing market.

In partnership with non-profit developer Turnstone Development Corporation, Crescent Place provides 40 affordable units reserved for income-qualifying residents who earn at or below 30 and 60 percent of area median income (AMI), with rents ranging from $621 to $1,489 per month.

“Amidst the challenges posed by escalating rental rates, investment in affordable housing in the Chicago area has never been more essential,” said Matthew A. Rieger, President and CEO of HTG.  “We are delighted to bring HTG’s signature high-quality affordable housing to Illinois with the completion of Crescent Place, and in turn provide 40 apartments for small families and professionals seeking well-priced apartments near their jobs.”

The developer hosted a grand opening ceremony with partners to commemorate the significant milestone on Wednesday, November 15^th. Jordan Tolman, Chief Operating Officer of HTG was accompanied by distinguished speakers that included District 27 State Senator Ann Gillespie and Village of Arlington Heights Mayor Thomas W. Hayes.

The pressing demand for affordable housing in the Chicago metro area is starkly evident.  According to a recent CoStar report, nearly half of Chicago residents feel cost-burdened and spend at least 30 percent of their income on housing. The metro’s rental rates have surged by 3.6 percent since August of last year, surpassing the 1.2 percent national average increase and outpacing 20 other major metro areas nationwide. 

Situated on a 2.3-acre lot at 310 W Rand Road, the affordable four-story community offers a variety of spacious one and two-bedroom units ranging from 646 to 880 square feet. Amenities include a community room, library, computer cafe, fitness room, tenant storage compartments, bicycle storage, and 80 outdoor parking spaces (including eight designed to meet ADA parking standards). Additionally, the property boasts a resident garden, an outdoor patio and a walkway seamlessly integrating with the existing public sidewalk system.

Funding sources for Crescent Place include a $10.9 million construction loan and $1.65 million permanent loan from BMO Harris Bank; $12.1 million in 9% Low Income Housing Tax Credit Equity from National Equity Fund (NEF); $4 million from the COVID-19 Affordable Housing Grant Program provided by the Illinois Housing Development Authority; and a $110,214 ComEd grant for building according to Energy-Star efficient standards.

The development team for Crescent Place consisted of general contractor Henry Bros Co., civil engineering Groundwork, landscape architect Krogstad Land Design, architect UrbanWorks Architecture, interior designers Frosolone Interiors, energy efficiency consultant Eco Achievers, and property management team UpHoldings.

Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Oasis at Aventura, a new $37 Million affordable senior community with 95 apartments in Miami, Florida. The community is the latest joint venture between HTG and AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning.

Apartments at Oasis at Aventura will be reserved for income-qualifying residents aged 62 and older who earn at or below 25, 33, and 60 percent of the area median income (AMI). Monthly rents will range from $484 to $1,161. Construction is scheduled to commence in November 2023, and the property is expected to be completed by Spring 2025.

“There’s a significant need for affordable housing as the North Miami and Aventura area undergo a residential building boom and a wave of infrastructure improvements to meet the community’s needs for its growing population,” said Matthew A. Rieger, President and CEO of HTG. “As rental rates continue to escalate, we are thrilled to be contributing to the community’s demand for top-quality and affordable housing that is in close proximity to the best South Florida has to offer."

Located at 18700 NE 25^th Avenue, Oasis at Aventura will be an eight-story residential building featuring 95 generously sized one-bedroom units. Residents will have access to an array of amenities, including a spacious multipurpose community room, a state-of-the-art fitness center, business center, library and lounge area, and featured amenities on the expansive outdoor terrace. The National Green Building Standard Certified-property will also have energy-efficient lighting and appliances. The property is ideally located near Aventura Mall and the new Brightline Aventura Station, with short commutes to Publix, The Fresh Market, and Walgreens. Surrounded by the many new upcoming developments in the Ojus Neighborhood.

Residents will also benefit from a range of complimentary on-site programs, including Resident Assurant Check-Ins, assistance with light housekeeping, grocery shopping, laundry, and various community events and activities.

Funding sources include $21 million in 9% Low-Income Housing Tax Credits (LIHTC) equity syndicated through Raymond James, a construction loan of $19.3 million provided by JP Morgan Chase Bank, a permanent Freddie Mac loan of $7.5 million through Berkadia, a Florida Housing Finance Corporation Viability Loan of $4.3 million and a loan of $2.4 million from the Miami-Dade County Affordable Housing Surtax Program.

The design and construction team for Oasis at Aventura includes Realization Architects, general contractor Ballast Construction, engineer Sun-Tech Engineering, Inc., interior design by B Pila Design Studio, and landscape architecture by Witkin Hults + Partners.

Housing Trust Group (HTG), an award-winning developer of market-rate and affordable housing, is pleased to announce the completion of Flagler Station, a new $33 million affordable apartment community located in downtown West Palm Beach, Florida. It is the first new affordable apartment community to be built in the city’s downtown in 30 years.

A public-private partnership between HTG, the City of West Palm Beach and Palm Beach County, Flagler Station features 94 apartments reserved for residents earning no more than 30, 60, 70 or 80 percent of area median income, with rents ranging from $393 to $1,689. The property is ideally located just one block from the Florida TriRail/Amtrak station and five blocks from the Brightline commuter rail station connecting West Palm Beach with the cities of Miami, Fort Lauderdale, and Orlando.

The developer hosted a grand-opening ceremony with partners to commemorate the milestone on Monday, August 7. Speakers included Matthew A. Rieger, President and CEO of HTG; City of West Palm Beach Mayor Keith A. James and District 3 Commissioner Christy Fox, State House Representative Jervonte ‘Tae’ Edmonds; District 88, Executive Director Jonathan Brown from Palm Beach Housing & Economic Development Department, and Board Chairman Mario Facella of Florida Housing Finance Corporation.

“With a thousand people moving into Florida each day, investment in affordable housing has never been more essential,” said Rieger. “Flagler Station will provide much-needed housing for West Palm Beach’s service workers, first responders, teachers, and other lower-wage workers who play vital roles in the city’s economic success, but simply can’t find adequate, well-priced apartments near their jobs.”

According to Marcus and Millichap, the average rent in West Palm Beach jumped by more than 40 percent since the end of 2020, to $2,432 per month in March 2023. Sticking to the 30 percent rule, an individual or family would need to earn close to $100,000 per year to comfortably afford rent in the city.

"We extend our heartfelt gratitude to Housing Trust Group for their unwavering commitment to bringing affordable housing to the City of West Palm Beach. This partnership marks a significant milestone in our journey towards a more inclusive and vibrant community.  We eagerly anticipate the positive impact this development will have on the City and its residents," said City of West Palm Beach, Mayor Keith A. James.

Located at 991 Banyan Boulevard, Flagler Station is an eight-story, high-rise property with a mix of one-, two- and three-bedroom apartments. Community amenities include a 3,200-square-foot, double-high multi-purpose clubroom, a computer/business center, a rooftop pool, a state-of-the-art fitness center, and on-site parking.

Named after Henry Flagler, the 19th-century industrialist who built the Florida East Coast Railway (FECR), Flagler Station’s site includes some of the original, now defunct FECR tracks, which have been incorporated into the development as part of a linear park featuring original artwork and murals. The City’s intent is to build out this park along the rest of the rail right of way to make it a true “rails to trails” conversion. This supports a transportation and mobility plan that the City adopted in 2018 featuring an integrated system of bike lanes, busways, train stations, trolley routes, sidewalks, and roads to reduce car traffic and make the city more pedestrian-friendly.

The building’s architectural design echoes the “brutalist” style that characterized the Old West Palm Beach City Hall, now demolished, and the Federal Courthouse buildings. With its partner, Corwil Architects, along with city officials, HTG delivered a design that is both contemporary and historic in its aesthetic. Archways were incorporated into the building facade to showcase structural elements, while giving reference to the Beaux Arts architecture of Grand Central Terminal.

Financing sources for Flagler Station include $23.27 million in 9% low-income housing tax credits through the Florida Housing Finance Corporation (FHFC) that were purchased by CREA; a $20.3 million construction loan from KeyBank; an $8.93 permanent loan through Freddie Mac; a $75,000 City of West Palm Beach loan; a $314,446 Palm Beach County grant; and a $550,000 HOME loan from Palm Beach County.

The project team for Flagler Station is general contractor Rinaldi Construction, engineer and landscape designer WGI, Inc., architecture firm Corwil Architects, and interior designer B. Pila Designs. 

Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, announces the official completion of Heron Estates Family, a new $21.4 million affordable townhome community in Riviera Beach, Florida. Townhomes at Heron Estates Family are set aside for income-qualifying residents who earn at or below 30, 60, and 70 percent of the area median income (AMI), with rents ranging from $290 to $1,638 per month. Heron Estates Family is 100% occupied.

HTG commemorated the community’s official grand opening with a private reception hosted on July 18th.  The event recognized members of the building and design team, along with the partners and public officials who were instrumental in making Heron Estates Family a reality.  Civic leaders in attendance included City of Riviera Beach Mayor Ronnie L. Felder, Palm Beach Housing and Economic Development Director Jonathan Brown, Riviera Beach Chairman Douglas Lawson, Councilwoman Shirley Lanier, Riviera Beach Housing Authority Chairman Jeffrey Jackson, and Executive Director John Hurt, among other board members, city and county staff. 

The development is a public-private partnership between HTG and the Riviera Beach Housing Authority and represents the final completed phase of a two-phase redevelopment of the former Ivey Green Village, a public housing development that was demolished in 2006 following heavy hurricane damage. Completed by HTG in 2019, Heron Estates Senior, a 101-unit garden-style apartment community for residents 62 and older, marked the first new affordable housing community for seniors to be built in the city in over 40 years. 

“The Riviera Beach Housing Authority expresses profound gratitude for the invaluable partnership that has culminated in the creation of an exceptional affordable housing opportunity in the vibrant city of Riviera Beach. This collaborative effort between the Housing Authority and HTG exemplifies the power of unity and shared vision in addressing the pressing need for accessible and affordable housing,” said Chairman of the Board, Jeffrey Jackson. 

“The citizens of Riviera Beach are truly blessed to have a dedicated and compassionate leadership team comprising of a Mayor, City Council, and City Manager. They consistently demonstrate their unwavering commitment to the well-being of our community by actively addressing vital issues like affordable housing. This collective effort ensures that the needs and concerns of our community are heard and acted upon, fostering a stronger and more vibrant city for all.”

Located at 2003 West 17th Court, the two-story townhome community offers a mix of spacious one-, two- and three-bedroom units ranging from 614 square feet to 1,164 square feet. Community amenities include a clubhouse with a catering kitchen, state-of-the-art fitness center, media and business center; a playground, pool, dog park, multipurpose sports court, and outdoor grill/lounge seating areas. Residents also have access to employment assistance, financial management, and literacy services on-site.

“Palm Beach County has experienced significant pressure from South Florida’s intense population growth and increasing housing shortage, with almost 12% of the county’s population, or 13 million people, living in poverty,” said Matthew A. Rieger, President and CEO of HTG. “This is especially true in the City of Riviera Beach – an underserved, working-class community that neighbors affluent Palm Beach. We are particularly proud to be part of the area’s transformation and the reprogramming of a troubled HUD asset into high-quality affordable housing for a community desperately in need.”

Funding sources for Heron Estates Family include $11 million in 9% Low-Income Housing Tax Credit equity provided by Florida Housing Finance Corporation, syndicated through JPMorgan Chase Bank who also provided a $6.3 million permanent loan; a $6.1 million loan from FHFC’s SAIL program; a $1.44 million loan from the National Housing Trust Fund (NHTF); and a $500,000 HOME loan from Palm Beach County.

The project team for Heron Estates Family includes general contractor Newport Construction LLC, architect Lunz Group, engineering firm WGI, and Christina Stiles Interiors.

Housing Trust Group (HTG), a leading multifamily developer, has closed on financing and commenced construction on Hillsboro Landing, a new $41 million affordable senior community with 75 apartments in Deerfield Beach, Florida. The community is a joint venture between HTG and the Broward County Housing Authority, whose mission is to provide stable, quality affordable housing opportunities for low and moderate-income families and seniors.

Apartments at Hillsboro Landing will be reserved for income-qualifying residents aged 62 and older who earn at or below 22, 25 and 60 percent of the area median income (AMI). Monthly rents will range $374 to $1,225. Construction is scheduled to commence in June 2023 with completion expected by October 2024. It is the first of a two-phase redevelopment of a former public housing site that was demolished in 2007.

“There’s a tremendous need for affordable housing in South Florida’s smaller downtown beach communities like Deerfield Beach, where strong demand from high-earners threatens to push out middle- and lower-income families,” said Matthew A. Rieger, President and CEO of HTG. “As we have done with our partners in Riviera Beach, West Palm Beach and Hollywood, HTG is working closely with public officials and other housing groups to ensure these towns maintain a mix of high-quality housing for all income levels, which is key to ensuring vibrant, healthy communities.”

Located at 3851 N Dixie Highway, Hillsboro Landing will be a six-story, pet-friendly residential building featuring spacious one and two-bedroom apartments, with 45 one-bedroom units spanning 702 square feet and 30 two-bedroom units spanning 927 square feet. It will have 5,000 square feet of amenity space including a multipurpose room, state-of-the-art fitness center, bocce ball court and outdoor rooftop terraces, along with 96 parking spots. The National Green Building Standard Certified-property will also have energy-efficient lighting and appliances. The property is ideally located east of I-95 just 15 minutes to Hillsboro and Pompano Beaches, five minutes from Broward Health North, and less than 10 minutes from several Publix grocery stores and a Whole Foods.

Funding sources include $17.4 million in 9% Low-Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James, a construction loan of $25 million provided by Fifth Third Bank, a permanent loan of $12.17 million provided by Grandbridge Real Estate Capital, a State Apartment Incentive Loan (SAIL) and Community Housing Impact and Preservation (CHIRP) loan totaling $7.1 million, an Extremely Low Income (ELI) loan of $600,000 and a Broward Housing Finance Authority (BHFA) grant of $100,000. 

The design and construction team for Hillsboro Landing includes ATL Architecture, general contractor Ferncore Corporation, engineer Keith & Associates, interior design by Builders Design and landscape architecture by Sieger Suarez Architects.

FOR IMMEDIATE RELEASE

Media Contacts:

Melinda Sherwood, This email address is being protected from spambots. You need JavaScript enabled to view it.

Ph: 305-663-3543

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.