Housing Trust Group Completes $15M Seniors Housing Mid-Rise

by Jeff Shaw

FORT LAUDERDALE, Fla. —Housing Trust Group a housing real estate developer in Florida, has completed construction of Village Place Apartments, a $15 million, 112-unit senior affordable housing community in Fort Lauderdale. The mid-rise apartment development is located at 720 NE 4th Avenue.

“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,” says Matthew Rieger, president and 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 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.

HTG has designed and constructed Village Place to be designated a Green building in line with the National Green Building Standards.  The architect of the development is Sotolongo Salman Henderson of Miami.

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, 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. The two-bedroom monthly rental rate is $903 and the one-bedroom monthly rental rate is $760. Village Place was fully leased on its opening day.

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