Housing Trust Group (HTG) has closed on the financing and will begin construction on a $19 million affordable housing community for seniors in Ocala, Fla.
The 96-unit Oak Valley is a partnership between HTG and nonprofit AM Affordable Housing, an organization founded by former Miami Heat star Alonzo Mourning. This marks their second collaboration. In 2016, HTG and AM Affordable Housing completed the award-winning Courtside Apartments in downtown Miami’s historic Overtown neighborhood.
The new development will be a garden-style community with one- and two-bedroom apartments for residents 62 and older who earn 40% and 60% of the area median income (AMI). Rents will range from $412 to $742 for income-qualifying residents. The property is scheduled to be completed in June 2021, with leasing slated to begin in February 2021.
“The affordable housing crisis affects everyone, but older citizens—those who are retired or living on fixed incomes—are particularly vulnerable due to the higher health care expenses that usually occur with age,” said Matthew A. Rieger, president and CEO of HTG. “Oak Valley will provide Ocala’s older residents with a safe, clean, and affordable place to live, and we’re proud to be partnering once again with AM Affordable Housing to bring this new development to fruition to benefit the local community, and we give a special thanks to the city of Ocala for its support.”
Oak Valley is located near restaurants, schools, churches, a bank, and a salon, all of which are a short drive or walk away. The new development will offer a mix of 66 one-and 30 two-bedroom apartments. Community amenities include a gathering and catering area, a fitness center, a theater room, a pool, and a three-sports court. Residents will also have access to a wide array of daily activities; assistance with light housekeeping, grocery shopping, and/or laundry; adult literacy programs; and computer training.
Funding sources for Oak Valley include a $14 million construction loan and $3.4 million permanent loan from U.S. Bancorp Community Development Corp., which is also investing $15.7 million in 9% low-income housing tax credits, according to HTG.
The project and design team includes general contractor HTG Rodda, a joint venture with Rodda Construction; Ocala engineering firm Tillman & Associates; architecture firm The Lunz Group; and interior design group Cristina Stiles Interiors.
HTG is an award-winning full-service developer of multifamily residential communities with real estate transactions exceeding $3 billion in commercial, land, and residential developments across Arizona, Florida, Georgia, and Texas. The Florida-based firm develops, builds, and manages a diverse portfolio of affordable housing, workforce housing, market-rate housing, and mixed-use developments.
