Housing Trust Group Enters Daytona Beach Market
The company has begun construction on an affordable and workforce housing community.
Housing Trust Group has closed on financing and begun construction on Fox Pointe, a 70-unit, $25.7 million community in Daytona Beach, Fla. Half of the community will be designated for housing-insecure individuals. The remaining will be designated as affordable and workforce housing.
The apartments are intended for those who earn at or below 22, 30, 60 and 80 percent of the Area Median Income. Monthly rents will range from $319 to $1,610.
“Our mission is to provide high-quality, affordable housing where it’s most needed,” Matthew Rieger, president & CEO of Housing Trust Group, told Multi-Housing News. “Florida has become one of the most prolific states in the country in terms of population growth, with Daytona helping to lead the way. However, with that comes increased demand that puts upward pressure on housing costs, creating an untenable situation for many that must be resolved.”
Fox Pointe is located at 1088 10th St. in the City of Holly Hill. It is being built over five acres and is expected to complete in the fourth quarter of 2025. Leasing will begin next fall, making it Miami-based HTG’s first in the Daytona market.
The community includes a swimming pool, clubhouse with lounge area, business center, picnic pavilion, dog park, playground, fitness center and on-site resident services.
“The Daytona area presented an opportunity to serve those who have built this community and continue its rich history as a central Florida landmark,” Rieger said. “As we enter a new market and understand its distinct needs, we’re proud to continue supporting our home state with this much-needed housing stock.”
Fox Pointe’s funding sources include $18.3 million in Low-Income Housing Tax Credits from the Florida Housing Finance Corporation, syndicated through Raymond James Equity Investor; $13.5 million in construction financing from TD Bank; a $3.9 million Rental Recovery Loan Program Base Loan; a $2 million Volusia County HOME and SHIP Loan; $1.3 million in financing from HOME Investment Partnerships American Rescue Plan; and a $235,500 RRLP ELI Loan.
The design and construction team for Fox Pointe includes Park and Eleazer Construction, FK Architecture, civil engineer Mark Dowst & Associates, Inc., interior designer Builders Design, and landscape architect Culliver Design.
Nationally, HTG has about 4,500 units, with over 1,700 currently under construction and close to 500 set to close by year’s end. Earlier this year, a joint venture between Housing Trust Group and Treger Partners completed Aviva – Goodyear, a 288-unit community in Phoenix. The $71 million development broke ground in September 2020.
