BELLE GLADE, FL – Housing Trust Group (HTG), one of the nation’s leading developers of affordable housing, in a joint venture with The Spectra Organization, Inc. (an affiliate of the Palm Beach County Housing Authority), held a groundbreaking ceremony for Covenant Villas, a 144-unit apartment community in Belle Glade, Florida. The previously market-rate apartments will be converted to affordable housing and set aside for families earning at or below 60% and 33% of the Palm Beach County area media income (AMI). Newport Property Construction is the general contractor.

The Groundbreaking Ceremony was attended U.S. Congressman Alcee Hastings; along with representatives on behalf of County Commissioner Melissa McKinlay and the Palm Beach County Department of Economic Sustainability; Belle Glade Mayor Steve B. Wilson; and City Manager Lomax Harrelle.

“Palm Beach County, and Belle Glade in particular, has a tremendous immediate need for safe, clean and affordable housing for its residents, and it is so gratifying to be able to provide exactly that for the families of this city,” said HTG President and CEO Matthew Rieger. “Our work has made us a leader in multifamily affordable housing, and we are so proud to be able to take part in such an vital project which will provide newly renovated apartments to the deserving citizens of the City of Belle Glade and Palm Beach County.”

“We specialize in multifamily construction nationwide and we are particularly pleased to partner with HTG on this project serving our South Florida community,” said Jose More, Principal, Newport Property Construction. 

Covenant Villas was built in 1988 and consists of 144 one-, two- and three-bedroom apartments in 18 garden-style buildings. HTG’s renovation program will bring the property up to local code and satisfy all Florida Housing Finance Corporation affordable housing guidelines. All buildings will get new metal roofs, impact-resistant windows, new electrical, plumbing and HVAC systems, and new interior carpentry, drywall, paint and cabinetry. There will also be enhanced landscaping and paving/re-stripping, and enhanced site lighting. 

HTG bought the property for $22 million, which includes funding for renovations. Financing sources include $18.2 million in 9% Low Income Housing Tax Credit equity invested by Raymond James Tax Credit Funds; loans totaling $2.2 million from Palm Beach County; permanent financing from National Lending Partners of $1.9 million; and a $13.5 million construction loan from TD Bank. Rehabilitation commenced in the fourth quarter of 2016 and is expected to be completed September 2017.

The general contractor on this project is Newport Property Construction, a leading provider and builder of construction services in South Florida. Palm Beach County local, Kimberly A. Dellastatious, PA, is the architect and West Palm Beach Land Developers Consortium are the engineers for the rehabilitation of Covenant Villas.

HTG recently completed construction of Courtside Family in Miami, FL, in partnership with Alonzo Mourning, Wagner Creek in the City of Miami’s burgeoning Health District  and Valencia Grove in the City of Eustis and has four other affordable housing communities currently under construction in Florida including, Freedom Gardens in Brooksville, Park at Wellington (two phases) in Holiday, Arbor View in Margate and Hammock Ridge in Brooksville. HTG also has two market rate communities in development outside of Florida, Forest Cove in Chattanooga, TN and Aviva in Mesa, AZ.

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TAMPA, FL – Glenmont Capital Management, a New York-based real estate investment firm led by Lawrence A. Kestin, and Arlington Properties, a real estate development firm led by Jim Dixon, announced the closing of its $73 million sale of Tapestry at Citrus Park, a 400-unit Class-A apartment community developed in 2015 by Glenmont and Arlington.

Patrick Dufour of ARA Newmark in Tampa represented Glenmont and Arlington in the sale to an institutional owner/operator.

Located on a 60-acre land assemblage at 12780 Olive Jones Road in the North Hillsborough submarket of Tampa, Florida, Tapestry at Citrus Park sits in the southeast corner of Veteran’s Expressway and Gunn Highway, just minutes from countless shopping and dining venues, beaches, Westshore Business District, Tampa International Airport, and Downtown Tampa.

Tapestry at Citrus Park’s units average 1,005 square feet and feature private entrances, nine-foot ceilings, designer plank flooring, walk-in closets, granite countertops, and stainless steel appliances. Resort-like amenities include two beachfront-entry pools, fitness studio, lounge, business center, and dog park.

Tapestry at Citrus Park represents the eleventh multifamily project, dating back to 2002, successfully developed, leased, and sold by a venture comprised of Glenmont and Arlington.

“Glenmont continues to believe select investments in domestic real estate development opportunities provide compelling risk-adjusted opportunistic returns for sophisticated investors,” Mr. Kestin said. “The project is representative of Glenmont’s on-going strategy to develop best-in-class, stabilized income-producing real estate assets, taking advantage of monetization opportunities from the growing institutional and public demand for these investments.”

Further reflecting Glenmont’s strategy and following the success of Tapestry at Citrus Park, earlier this month Glenmont and Arlington closed the acquisition of 6835 Gunn Highway in Tampa, Florida, a 14-acre development site plotted for a 318-unit Class-A apartment community, this first phase of which will be completed by early 2018.

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TAMPA, FL – Preferred Apartment Communities announced that it bought a recently constructed 296-unit Class A multifamily community in Tampa, Florida named Broadstone Citrus Village.

“We believe this is a high quality, Class A community in a dynamic location,” said John A. Williams, the Chairman and Chief Executive Officer for PAC. Mr. Williams added, “The addition of Citrus Village to our portfolio demonstrates our continued focus on acquiring newly constructed and accretive Class A multifamily communities in strong submarkets.”

Broadstone Citrus Village is a contemporary apartment community consisting of 1, 2, and 3 bedroom apartment homes with all the comforts and conveniences traditionally found in the most established neighborhoods. In addition to the graceful architecture and perfectly refined residences, Broadstone Citrus Village offers a world class collection of amenities and an enviable resort lifestyle – all in the heart of Citrus Park.

PAC financed the acquisition by assuming the existing first mortgage loan from New York Life Insurance Company, with an outstanding principal balance of approximately $30.25 million that has a maturity date of May 1, 2023, and a fixed interest rate of 3.65% per annum. There are no loan guaranties provided by PAC or its operating partnership.

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select targeted markets throughout the United States. As part of our business strategy, they may enter into forward buy contracts or buy options for to-be-built multifamily communities and may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties.

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