HTG Completes Three New Affordable Apartment Communities In Central Florida

Developer Housing Trust Group (HTG) announced the opening of three new affordable housing communities in Southern and Central Florida: Valencia Grove II in Eustis, Twin Lakes Estates II in Lakeland and Oaks at Lakeside in Bradenton. The three communities delivered a combined total of 338 new affordable apartments reserved for income-qualifying residents in communities where the demand for affordable housing vastly exceeds the supply.

“Rents throughout Central Florida are rising at a pace faster than we have ever witnessed,” said Matthew A. Rieger, President and CEO of HTG. “While it’s gratifying to deliver these brand new communities at a time when the need is so urgent, the reality is that with thousands of people moving to Florida every day we need to build twice or triple the amount to meet the demand. Florida’s economy is heavily dependent on service workers – and those people need safe, clean and affordable places to live. If we want Florida to remain a place where service workers and seniors on restricted incomes are welcomed and able to provide for their families, then we need to prioritize the creation of more affordable housing.” 

In Eustis, just north of Orlando, Valencia Grove II is a new community for seniors (age 62 and over) with 110 one- and two-bedroom spacious rental homes for residents earning 22 percent, 35 percent, and 60 percent of area median income (AMI). Rents range from $286 to $937 for income-qualifying residents. The development is a partnership between HTG and non-profit AM Affordable Housing Inc., an organization founded by former Miami Heat player and NBA Hall of Famer Alonzo Mourning, marking the third collaboration between the two partners. Situated ideally near both dine-in and take out restaurants, community centers and shopping centers, the community offers amenities that include a clubhouse with a state-of-the-art fitness center, a theatre room, a swimming pool, a picnic pavilion, a courtyard, shuffleboard courts, and a community garden.

Twin Lakes Estates II is a partnership between HTG 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. Twin Lakes Estates II is a 132-unit apartment community that offers rent ranges from $437 to $908 for residents earning at or below 40 to 60 percent of AMI. Amenities include a fully loaded 3,400-square-foot clubhouse with a large community room and catering kitchen, a lounge room and computer lab, picnic pavilion, walking promenades and a playground.

Oaks at Lakeside, located in Bradenton, is a 96-unit apartment community reserved for residents earning at or below 60 percent of AMI. It is HTG’s second affordable apartment community in the town of Bradenton; the firm also developed The Addison. The property offers one- two- and three-bedroom apartments and amenities include a 4,300-square-foot clubhouse, a swimming pool, a picnic and barbecue pavilion, a dog park, a playground and gazebos. Rents range from $335 to $1,270 per month.

 

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