FORT LAUDERDALE, FL - Housing Trust Group (HTG), a leading affordable housing real estate developer in Florida, has completed construction of Village Place Apartments, a $15 million, 112-unit senior affordable housing community (for ages 55 and up) in Fort Lauderdale. The mid-rise apartment development at 720 NE 4th Avenue, just blocks from the popular Las Olas Boulevard area in downtown Fort Lauderdale, is already 100 percent leased.
“Village Place is the company’s masterpiece affordable housing development to date designed for seniors to be able to enjoy upscale amenities provided on site and the many leisure, dining and shopping destinations nearby,” said Matthew Rieger, President/CEO of Housing Trust Group. “This is a standout example of how public-private partnerships can be successfully created to provide much needed affordable and safe housing in Broward County while improving the quality of life for the area’s senior residents and increasing property values as well.”
Located in the highly desirable Flagler Village urban redevelopment area, the residential building includes a mix of 82 one-bedroom/one-bath units and 30 two-bedroom/two-bath units. Best-of-class amenities include granite countertops, split-level designs and eco-friendly features such as low-flow plumbing fixtures, low-VOC paint, Energy-Star qualified appliances, Energy-Star windows, and energy efficient HVAC systems. HTG has designed and constructed Village Place to be designated a Green building in line with the National Green Building Standards (NGBS). The architect of the development is Sotolongo Salman Henderson of Miami.
The apartment community includes a gated entrance, community center with computers and Wi-Fi access throughout, swimming pool and fitness room with exercise equipment. Residents will also have convenient access to The Wave Modern Streetcar transit system that is scheduled to open in 2017.
Project financing was provided by U.S. Bank in the amount of $38.6 million through its community development subsidiary including a $13.2 million construction loan; a $3 million permanent financing loan; and $22.4 million of Low-Income Housing Tax Credit (LIHTC) equity from U.S. Bancorp Community Development Corporation (USBCDC), awarded by Florida Housing Finance Corporation. Project funding also included $125,000 from Broward County Housing.
As an affordable housing development, half of the units are reserved for households earning no more than 50 percent of the area median income (AMI). The two-bedroom monthly rental rate is $903 and the one-bedroom monthly rental rate is $760. Village Place was heartily greeted by the market with immediate success, and was fully leased on its opening day.
About Housing Trust Group: Housing Trust Group (HTG) is the parent company of various affiliated real estate companies. Its real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. From affordable residential housing to market-rate residential, to retail, mixed-use and vacation resort communities, HTG’s network of fully integrated real estate operations provides a level of service to the real estate industry that is unparalleled. For more information, visit www.htgf.com.