Matthew Rieger Of Housing Trust Group Announces Affordable Housing For Lakeland Florida Residents
LEASING BEGINS AT A NEW AFFORDABLE HOUSING COMMUNITY IN LAKELAND, FLORIDA
Rents at Twin Lakes Estates II, which opens in Q1 2021, range from $437 - $908 per month
Lakeland, Fla. (October 21, 2021) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has begun leasing apartments at Twin Lakes Estates II, an affordable housing community with 132 apartments for families located at 501 Hartsell Avenue in Lakeland, Florida. The property will open in the first quarter of 2021, with rents ranging from $437 to $908 for income-qualifying residents.
Twin Lakes Estates is a partnership between Housing Trust Group and the Lakeland Housing Authority to redevelop an aging public housing complex on the southern tip of Lake Beulah (formerly West Lake Apartments) into a new, affordable community with state-of-the-art amenities. Apartments will be set aside for residents earning at or below 40% or 60% of area median income (AMI).
Prospective residents interested in leasing should contact 813-417-0251.
“Safe, clean, and affordable housing has never been more important given our current health crisis,” said Matthew A. Rieger, President, and CEO of HTG. “Many families are on the brink of economic devastation due to a loss of income, so it’s more important than ever that our federal and state lawmakers mobilize to ensure more affordable developments like this one are built quickly and help Florida’s hard-working families get back on their feet.”
Twin Lakes Estates II is the second of a three-phase development that will deliver a total of 318 affordable apartments for seniors and families in three phases. Phase 1 was completed in August of 2019 and delivered 100 affordable apartments for seniors (age 62 and up). Phase II will consist of 22 one-bedroom, 62 two-bedroom, and 48 three-bedroom apartments in eight three-story, garden-style apartment buildings. Amenities for the second phase include a fully loaded 3,446-square-foot clubhouse with a large community room and catering kitchen, a lounge room, and a computer lab. Outdoor amenities include a picnic pavilion, walking promenades, and a playground.
Twin Lakes Estates II was financed with a $12.1 million construction loan from TD Bank; $8.4 million of 4% low-income housing tax credit equity through Raymond James; a combined $6.6 million State Apartment Incentive Loan (SAIL) and Extremely Low Income (ELI) loan, both from Florida Housing Finance Corporation (FHFC); and a $790,000 loan from Lakeland Housing Authority. The development also involved The Department of Housing and Urban Development (HUD) approvals for mixed financing.
The building team for Twin Lakes Estates – Phase II is The Lunz Group, Boggs Engineering, and HTG Rodda, LLC.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities 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.