Housing Trust Group (HTG) closed on financing and commenced construction on Naranja Grand II, a new $71 million affordable apartment community comprised of 200 residences in Southwest Miami-Dade County.  A joint endeavor between HTG and Miami Lakes-based Elite Equity Development, Inc. (EED), Naranja Grand II is the second phase of a two-phase development in Miami-Dade County. The first phase of Naranja Grand — which caters to seniors aged 55 and older — commenced construction in January on its 120 residences.

Apartments at Naranja Grand II will be reserved for income-qualifying residents who earn at or below 22 and 70 percent of the area median income. Monthly rents will range from $425 to $1,878. Construction is expected to be completed in Q3 2025.

Located 28050 SW 147th Avenue, Homestead, FL., Naranja Grand II will be an 8-story residential building featuring 90 one-bedroom, 98 two-bedroom, and 12 three-bedroom units.

Funding was provided by ten separate sources.

The post JV Raises $71M for Miami Senior Housing appeared first on Connect CRE.