Lakeland, Fla. (January 11, 2021) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has begun leasing apartments at Twin Lakes Estates II, an affordable housing community with 132 apartments for families located at 501 Hartsell Avenue in Lakeland, Florida. The property will open in the first quarter of 2021, with rents ranging from $437 to $908 for income-qualifying residents. 

Twin Lakes Estates is a partnership between Housing Trust Group and the Lakeland Housing Authority to redevelop an aging public housing complex on the southern tip of Lake Beulah (formerly West Lake Apartments) into a new, affordable community with state-of-the-art amenities. Apartments will be set aside for residents earning at or below 40% or 60% of area median income (AMI). 

Prospective residents interested in leasing should contact 813-417-0251.

“Safe, clean and affordable housing has never been more important given our current health crisis,” said Matthew A. Rieger, President and CEO of HTG. “Many families are on the brink of economic devastation due to a loss of income, so it’s more important than ever that our federal and state lawmakers mobilize to ensure more affordable developments like this one are built quickly and help Florida’s hard-working families get back on their feet.” 

Twin Lakes Estates II is the second of a three-phrase development that will deliver a total of 318 affordable apartments for seniors and families in three phases. Phase 1 was completed in August of 2019 and delivered 100 affordable apartments for seniors (age 62 and up). Phase II will consist of 22 one-bedroom, 62 two-bedroom and 48 three-bedroom apartments in eight three-story, garden-style apartment buildings. Amenities for the second phase include a fully loaded 3,446-square-foot clubhouse with a large community room and catering kitchen, a lounge room and computer lab. Outdoor amenities include a picnic pavilion, walking promenades and a playground. 

Twin Lakes Estates II was financed with a $12.1 million construction loan from TD Bank; $8.4 million of 4% low-income housing tax credit equity through Raymond James; a combined $6.6 million State Apartment Incentive Loan (SAIL) and Extremely Low Income (ELI) loan, both from Florida Housing Finance Corporation (FHFC); and a $790,000 loan from Lakeland Housing Authority. The development also involved The Department of Housing and Urban Development (HUD) approvals for mixed financing. 

The building team for Twin Lakes Estates – Phase II is The Lunz Group, Boggs Engineering, and HTG Rodda, LLC. 

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, Georgia, Texas 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.

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WASHINGTON, D.C. – June 26, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged construction financing and joint venture equity totaling $65.44 million for the development of The Stella, a 282-unit, transit-oriented multi-housing community located within a designated opportunity zone in New Carrollton, Maryland.

HFF worked on behalf of the developer, Urban Atlantic, to secure a $46.56 million construction loan through TD Bank and $18.88 million in joint venture equity from Bridge Investment Group.

The Stella is located at 3950 Garden City Drive at the New Carrollton Metro Station, which is the terminus of the Orange and Purple lines.  Less than five miles outside of Washington, D.C., the opportunity zone project is the second phase of Urban Atlantic’s 34-acre, 2.3 million-square-foot New Carrollton Metro redevelopment and will serve as the first multi-housing asset within the master plan.  The Stella, which sits on a ground lease, will feature a podium-style design with 282 studio through three-bedroom floor plans totaling 218,692 rentable square feet along with 3,500 square feet of ground-floor retail.  Units will offer high-end amenities, including quartz countertops, stainless steel appliances, plank flooring, walk-in closets, nine-foot ceilings and in-unit washers and dryers.  Community amenities will include a swimming pool, common outdoor terraces, club room, game room, fitness center, co-working space, private entertaining room and terrace, coffee bar and dog wash station.  The project is due for completion in the fourth quarter of 2020.

The HFF debt and equity placement team representing the developer included Walter Coker, Brian Crivella, Jamie Leachman and Evan Parker.

“The Stella represents one of the marquee developments in the region,” Leachman said.  “The site is located within an opportunity zone and adjacent to the New Carrollton metro station.  These factors, coupled with the involvement of a premier developer like Urban Atlantic, drew a tremendous amount of interest from institutional groups looking to capitalize on the new tax laws.”

“We are proud to be a part of the Urban Atlantic's commitment to provide new high-end housing for Maryland's citizens,” said John Howell, vice president for TD Bank.  “This project will help address the critical need for transit-oriented housing in close proximity to Washington, D.C.  TD’s investment in making a positive impact is a part of what makes TD Bank different.”