Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, announces the completion of Princeton Park, a new, $36 million, 150-unit affordable housing community in south Miami-Dade County. Apartments at Princeton Park are reserved for households earning at or below 60 percent of the area median income (AMI), which is currently $50,820 for a family of four. Rents for qualified residents range from $411 per month for a one-bedroom apartment to $1,104 per month for a three-bedroom apartment. The property is 100 percent leased.
Princeton, an area near Homestead that was once mostly farmland and single-family homes, has attracted a flurry of new real estate investment spurred on by Miami’s growing affordability crisis and plans to extend bus rapid transit further south by 2022.
“HTG recognized the urgent need for affordable, high-quality housing in the southern section of Miami-Dade County,” said Matthew Rieger, President and CEO of HTG. “In addition to being affordable, Princeton Park’s standout design is unequivocally modern and takes urban design principles to a new level.”
Princeton Park delivers 150 new affordable apartments to southern Miami-Dade, an area experiencing significant development as mass transit is set to expand