MIAMI, FL - Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has closed on financing for Paradise Lakes Apartments, a new $25 million garden-style affordable apartment community with ground-floor retail space in the West Kendall section of Miami, Florida. Construction is slated to begin immediately.
Located at 8905 SW 169th Court, Miami, FL 33196, east of the intersection of Kendall Drive and Krome Avenue, Paradise Lakes Apartments will provide 76 affordable apartments set aside for residents earning between 30 and 80 percent of area median income. Monthly rent for qualifying residents will range from $401 to $1,443.
Funding sources for Paradise Lakes Apartments included $14.49 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC) provided by City Real Estate Advisors; a $5.5 million loan from KeyBank, and $1.6 million in soft financing from Miami-Dade County. HTG purchased the 2.7-acre site in March of 2019 for $2.8 million. The property is expected to be delivered in April 2021, with pre-leasing set to begin in late 2020.
“West Kendall is a vibrant suburban neighborhood that hasn’t enjoyed any new affordable housing in a long time so there is tremendous pent up demand here,” said HTG President and CEO Matthew A. Rieger. “This is an outstanding location, close to the hospital, grocery stores, public transportation, and great schools. We’re excited to have the opportunity to create something beautiful that Miami’s working families can afford.”
This is Housing Trust Group’s fifth affordable housing development in Miami-Dade County. Other developments include the award-winning Courtside Apartments in Overtown; Wagner Creek in the Health District; Veranda Apartments in Homestead; and Princeton Park in the Princeton section of unincorporated Miami-Dade.
Paradise Lakes Apartments is a three-story building with elevator and 11,388 square feet of retail on the ground floor, with residential units on the second and third floors. It will consist of 56 one-bedroom, one-bath units, and 20 two-bedroom, two-bath units, ranging in size from 688 square feet to 1,108 square feet. Units will have washer/dryer hook-ups, full-size Energy-Star® appliances, luxury wide plank flooring, and balconies. Community amenities include a clubroom with a kitchen and lounge seating, state-of-the-art fitness center, business/computer room, a community garden with seating, smart storage lockers, electric car charging stations, bicycle racks and several activity areas.
The building and design team for Paradise Lakes Apartments is Modis Architects, HSQ Engineers and Gomez Construction Company. The property will be built to National Green Building Standards (NGBS).
About Housing Trust Group: Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units and 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