MIAMI, FL – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, has officially broken ground on the second phase of Twin Lakes Estates, an affordable housing community for families and seniors that when complete will deliver a total of 318 one-, two- and three-bedroom affordable apartments for seniors and families in three phases. The first phase of Twin Lakes, was completed in August of this year, delivered 100 affordable apartments for seniors (age 62 and up). Phase two will deliver 132 affordable apartments for families, along with various amenities, with monthly rents ranging from $437 to $908 for qualified residents. The total cost of Phase II development is $23,915,000, and the community will be delivered in December 2020.
Located at 501 Hartsell Avenue in Lakeland, FL 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. The official groundbreaking ceremony for the second phase was held at 9:30 a.m. on Wednesday December 4, 2019.
“We applaud the Lakeland leadership for their vision and commitment to the abundance of new affordable housing in their community,” said HTG President and CEO Matthew A. Rieger. A rare, large-scale development like Twin Lakes Estates with over 300 units will make a true impact in solving the affordable housing crisis.”
Phase two of Twin Lakes Estates 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 second phase of Twin Lakes Estates will consist of 22 one-bedroom, 62 two-bedroom and 48 three-bedroom apartments in eight three-story, garden-style apartment buildings. Fourteen apartments will be set aside for residents earning at or below 40% of area median income (AMI), with the remaining 118 units set aside for residents at or below 60% AMI. 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 computer lab. Outdoor amenities include a picnic pavilion, walking promenades and a playground.
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