Princeton Park delivers 150 apartments to South Dade, an area experiencing significant development.
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.”
Designed by Albert Cordoves with Corwil Architects, Princeton Park consists of four three-story residential buildings and one clubhouse which features a state-of-the-art fitness center, a large multi-purpose community room, designated work stations, a dog park and a luxury swimming pool. Apartment units have open floor plans that include quartz countertops, modern flooring and a full-sized range of EnergyStar appliances. All residential buildings in Princeton Park are National Green Building Certified. Residents also have access to services and programs, including literacy training, family support coordinators, employment assistance, health and wellness services, and extracurricular activities such computer classes, game and movie nights and other entertainment events.
Funding for Princeton Park was possible with the use of 9% Housing Credits from Florida Housing Finance Corporation which generated $23.7 million in equity from National Equity Fund in conjunction with SunTrust, a $3.5 million loan from Column Financial and a $23.3 million onstruction loan, with a $6.7 million permanent loan from Key Bank. Development of the community created hundreds of construction jobs and six permanent jobs.
This is HTG’s fourth housing community in Miami-Dade County. The firm recently completed the national award-winning Courtside Apartments in partnership with Alonzo Mourning in Overtown in 2016 and Wagner Creek in Miami’s Health District in 2017. HTG has developed over 6,000 affordable and market-rate units and has more than 2,000 in the pipeline.