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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FIRST PHASE OF AFFORDABLE HOUSING DEVELOPMENT IN LAKELAND CELEBRATES GRAND OPENING
Twin Lakes Estates I replaces obsolete public housing with 100 modern,
affordable apartments for seniors
Lakeland, Fla. (August 6, 2019) – Housing Trust Group (HTG), one of the nation’s most prolific developers of affordable housing, and the Lakeland Housing Authority celebrated the grand opening today of Twin Lakes Estates I, 100 affordable apartments for seniors (age 62 and up). Monthly rents at Twin Lakes I will range from $491 to $786.
Twin Lakes Estates I is the first of three planned phases of the redevelopment of an aging public housing complex (formerly West Lake Apartments) into a new and modern development with a total of 318 one- and two-bedroom affordable apartments for seniors and families, along with multiple community amenities.
Twin Lakes Estates I consists of 50 one-bedroom and 50 two-bedroom apartments in a single, three-story, garden-style apartment building. Ten apartments will be set aside for senior residents earning at or below 45% of area median income (AMI). The remaining units are set aside for senior residents at or below 60% AMI. Eighty of the units are to be assisted with Project-Based Housing Vouchers. Amenities include a computer/reading room, community room with chef’s kitchen, theater room and a picnic pavilion with a BBQ grill within the building’s courtyard.
“This is an excellent example of how public and private entities can work together to build stronger, healthier communities,” said HTG President and CEO Matthew A. Rieger. “The affordable housing crisis that our nation faces hits seniors particularly hard, as they are often on fixed incomes and generally have greater healthcare needs. By providing our seniors with safe, clean and affordable places to live, we’re doing more than just putting a roof over someone’s head – we’re making it possible for grandparents to live closer to their grandchildren, and we’re making it possible for people to afford necessary life-saving medicines. It all connects, and it all begins with affordable housing.”
Twin Lakes Estates I was financed with an $8.3 million construction loan from US Bank backed by a Multifamily Mortgage Revenue Note issued by the State of Florida through Florida Housing Finance Corporation (FHFC); $3.7 million in permanent financing from Freddie Mac though Walker & Dunlop; $6 million of 4% low-income housing tax credit equity through Raymond James; a $1.2 million AHP loan from the Federal Home Loan Bank of San Francisco; and a $5 million State Apartment Incentive Loan and $294,00 Extremely Low Income loan, both from FHFC.
The first phase of development has created approximately 50 local construction jobs, and three permanent jobs on site. Phase two of the re-development – which will add 132 units for families – is slated to begin in Fall 2019.
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, the Southeastern U.S., Arizona and Puerto Rico. 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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