OCALA, Fla. — Housing Trust Group (HTG) has completed Oak Valley, a $19 million affordable housing community for seniors in Ocala, approximately 70 miles northwest of Orlando.
The property features 96 one- and two-bedroom units for residents 62 and older who earn up to 40 percent and 60 percent of the local area median income. Rents range from $369 to $730 per month for income-qualifying residents. The property was 100 percent pre-leased.
Oak Valley was developed in partnership with nonprofit AM Affordable Housing Inc., an organization founded by former Miami Heat champion and NBA Hall of Famer Alonzo Mourning. In 2016, HTG and AM Affordable Housing completed a years-long partnership to deliver the award-winning Courtside Apartments in downtown Miami’s historic Overtown neighborhood. Last year, Valencia Grove II, another collaboration between HTG and AM Affordable Housing located in Eustis, was completed and quickly leased up.
“Ocala is experiencing unprecedented population growth,” says Matthew Rieger, president and CEO of HTG. “While some growth can benefit communities, in Ocala and most of Florida, the housing supply has yet to catch up with demand, resulting in astronomical rents. This has the effect of displacing long-term Florida residents who rightly expected to retire here, where they have families, access to healthcare providers and other support systems. Affordable communities like Oak Valley, therefore, are a critical lifeline for these seniors.”
Funding sources for Oak Valley include a $14 million construction loan and $3.4 million permanent loan from US Bancorp Community Development Corp., which will ultimately invest $15.7 million in 9 percent tax credit equity.
The project and design team includes general contractor HTG Rodda LLC; Ocala engineering firm Tillman & Associates; architecture firm The Lunz Group; and interior design group Christina Stiles Interiors.