Housing Trust Group (HTG), one of the nation’s largest developers of affordable housing, announces the completion of Luna Trails, a new $19.6 million, 86-unit affordable housing development for seniors in Titusville, Florida, in the heart of Florida’s “Space Coast” region.
Apartments are reserved for seniors ages 55 and older earning at or below 60 percent of area median income (AMI). Rents range from $346 per month for a one-bedroom apartment to $791 per month for a three-bedroom apartment. The property is currently 100 percent leased.
“This is HTG’s first development in Brevard County and therefore marks an important milestone for our firm, which has developed several award-winning senior communities throughout Florida,” said Matthew A. Rieger, President and CEO of Housing Trust Group. “Brevard County, like South Florida, is experiencing the flip side of strong population and job growth, with rising housing costs putting a financial strain on service industry employees and seniors on fixed incomes. To prevent these community members from being displaced, it is critical that Brevard County municipalities invest in more affordable housing developments like Luna Trails in the years to come.”
Located at 1705 South De Leon Avenue, Luna Trails offers a mix of one-, two- and three-bedroom apartments ranging from 700 square feet to 1,141 square feet. Community amenities include a swimming pool, clubhouse, state-of-the-art fitness center and shuffleboard court.
Funding for Luna Trails was provided through a $14.2 million construction loan from TD Bank; $14.3 million of 4 percent low-income housing tax credit equity through Raymond James; a $1.2 million Florida Housing Viability Loan; and $2.7 million permanent loan from Neighborhood Lender Partners.
The project team for Luna Trails includes general contractor Gomez Construction, architect Fugleberg Koch, and engineering firm Honneycut and Associates.
About Housing Trust Group
Housing Trust Group (HTG) is an award-winning full-service developer of multifamily residential communities with over 7,000 affordable and market-rate units and 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.