Housing Trust Group (HTG), a leading real estate developer in Florida, the Southeastern U.S. and Arizona, has closed on the financing of Valencia Grove, a $21 million, 144-unit affordable housing community targeting families in Eustis. Construction began on November 30 and the construction phase will take an estimated 13 months.
“Valencia Grove will serve the much-needed housing market for working families in Eustis,” said Matthew Rieger, President/CEO of Housing Trust Group. “It is the only currently allocated new affordable housing development in Lake County, and it will bring to the County dozens of new jobs and over $13 million in federal or State funding sources to the local economy.”
Located at the northwest corner of Huffstetler Drive and Kurt Street, Valencia Grove will add to the inventory of affordable rental housing and serve the growing affordable and workforce population in the area with safe housing for families through a mix of 1 bedroom, 2 bedroom and 3 bedroom units.
Project funding sources include a 4% SAIL loan, an ELI GAP loan from Florida Housing Finance Corporation, a grant from the City of Eustis, US Bank providing the Tax Credit Equity and SunTrust providing the debt through tax-exempted Multifamily Revenue State Bonds.
Valencia Grove will target families featuring a mix of twenty-four (24) 1bed/1bath units, ninety-six (96) 2bed/2bath units, and twenty-four (24) 3bed/2bath units. Depending on tenants’ income levels, rents for a 1bedroom/1bath units range from $358 to $577, the 2bedroom/2bath units range from $425 to $687, and rents for a 3bedroom/2bath range from $487 to $790.
Amenities include a clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development will also provide free community programs such as literacy training, employment assistance and family support coordination.
Valencia Grove will incorporate green building features in the roof and Energy Star windows.
About Housing Trust Group
Housing Trust Group (HTG) is the parent company of various affiliated real estate companies. Its real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. and Arizona. From affordable residential housing to market-rate residential, to retail, mixed-use and vacation resort communities, HTG’s network of fully-integrated real estate operations provides a level of service to the real estate industry that is unparalleled. For more information, visit www.htgf.com.