Valencia Grove brings 144 affordable apartments to city of Eustis
Orlando, Florida (January 18, 2017) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, celebrated the grand opening of Valencia Grove, a 144-unit, $21 million affordable housing community in the Central Florida city of Eustis. Public officials, community members and guests gathered this morning at the property, located at 551 Huffstetler Drive, Eustis, Florida 32726, for an official ribbon-cutting ceremony and reception.
Valencia Grove will serve the much-needed housing market for working families with a mix of one- two- and three-bedroom apartments ranging in rent from $405 to $849 per month. It was 100% leased upon opening.
During the ceremony, Matthew Rieger, President and CEO of HTG, thanked Lake County Commissioner Leslie Campione and Lori Barnes, Development Services Director at the City of Eustis, for championing the development.
“This is a great example of what can be achieved when the public and private sectors work together to address the dire need for safe, clean and affordable housing in our communities,” said Rieger. “Commissioner Campione has a great understanding of housing issues, and worked enthusiastically to support this project. And Valencia Grove would not have been possible without Ms. Barnes’ effective leadership, guidance and professionalism.”
HTG broke ground on Valencia Grove in December of 2015, and completed the project two months ahead of schedule. Project funding sources include a 4% SAIL loan under the State Apartment Incentive Loan program; an ELI GAP loan from Florida Housing Finance Corporation; a grant from the City of Eustis; and tax credit equity from US Bank Corporation. SunTrust provided the debt through tax-exempted multifamily revenue state bonds.
Amenities at Valencia Grove include a beautiful clubhouse, playground, volleyball court, outdoor pool, dog park and car wash. The development also provides free community programs such as literacy training, employment assistance and family-support coordination.
HTG presently has five affordable housing communities under construction in Florida including Wagner Creek in Miami, Freedom Gardens in Brooksville, Park at Wellington in Holiday, Arbor View in Margate, and Covenant Villas in Belle Glade, along with two market rate developments outside Florida: Forest Cove in Chattanooga, TN, and Aviva in Mesa, AZ.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities whose real estate transactions exceed $2 billion in commercial, land and residential developments across Florida, the Southeastern U.S. 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.