Developer Housing Trust Group celebrates grand opening of Wagner Creek Apartments
Miami, Florida (March 15, 2017) – Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, celebrated the grand opening of Wagner Creek Apartments on Wednesday, March 15, 2017. The $23 million development brings 73 brand new, affordable and workforce apartments to the city’s burgeoning health district, one of Miami’s largest employment hubs. Public officials and business community members gathered this morning at the property at 1501 N.W. 13th Court for an official ribbon-cutting.
Most apartments at Wagner Creek are reserved for tenants earning at or below 60% or 33% of area media income (AMI), with a few units reserved for Section 8 and additional units for those earning up to 120% of area median income. Rents range from $401.00 – $990.00.
This is Housing Trust Group’s second affordable housing community in Miami delivered in the past year. In September, it completed the 84-unit Courtside Apartments in Overtown.
“The growth and success of Miami’s health sciences and biotech industry depends on access to safe, clean and affordable housing for our students, medical professionals, and those that support the healthcare community,” said HTG President & CEO Matthew Rieger. “Wagner Creek’s waiting list of over 350 people is indicative of the demand, and while we’re proud to be providing a vital need to the community, it’s obvious that more needs to be done to address the shortage of affordable housing in Miami. We are grateful for the opportunity to partner with the City of Miami and Miami-Dade County on this development.”
Wagner Creek, which broke ground on November 25, 2015, was financed with approximately $17 million in equity provided by Raymond James Tax Credit Fund from the syndication of 9% low-income housing tax credits; a $3.4 million permanent loan from Citi Community Capital; $615,000 from Miami-Dade County’s Surtax program; $840,000 from a City of Miami HOME Investment Partnership loan; and the balance in developer equity.
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.