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Housing Trust Group (HTG), a leading multifamily developer, alongside AM Affordable Housing, a non-profit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have closed on financing and commenced construction on Courtside Apartments II, a new $58 million affordable apartment community comprised of 120 units in Miami’s historic Overtown neighborhood.
Courtside Apartments II marks the second phase of a comprehensive two-phase development, with the award-winning Courtside Apartments opening in 2016.
Apartments at Courtside Apartments II will be reserved for income-qualifying residents who earn at or below 50, 60, and 70 percent of the area median income (AMI). Monthly rents will range from $985 to $3,092. Leasing is expected to begin in fall 2025, with completion scheduled for Q1 2026.
“As rental costs continue to escalate and population growth persists in Miami-Dade County, the demand for affordable and workforce housing remains more critical than ever,” said Matthew Rieger, president and CEO of HTG. “Courtside Apartments II exemplifies our ongoing commitment to addressing this challenge and providing essential housing for families seeking high-quality and affordable options.”
Located at 1698 NW Third Ave. (North Building) and 1501 NW Fourth Ave. (South Building). Courtside Apartments II will consist of two mid-rise 7-story residential buildings spanning more than 161,000 square feet. The community will offer 58 one-bedroom, 40 two-bedroom, and 22 three-bedroom units. Residents will enjoy amenities including a clubhouse with a media center, state-of-the-art fitness center, dog park, and bike storage.
Units also will feature full-size Energy Star-rated appliances, luxury vinyl plank flooring, and modern fixtures throughout.
Complementing the residential offerings, Courtside Apartments II will provide residents with an array of complimentary on-site programs such as adult literacy training, employment assistance programs, financial management programs, and various community events and daily activities.
Funding sources include a construction loan of $30 million provided by JPMorganChase, $25.9 million in 4 percent Low-Income Housing Tax Credits (LIHTC) equity syndicated through Truist Bank, a permanent loan of $18.6 million through Grandbridge Real Estate Capital, a $7.5 million bridge loan from JPMorganChase, a $4.3 million Viability Loan from Florida Housing Finance Corporation, a $2.75 million State Apartment Incentive Loan (SAIL) from Florida Housing Finance Corporation, and a $2.5 million loan from the Miami-Dade County Affordable Housing Surtax Program.
The design and construction team for Courtside Apartments II includes Corwil Architects, general contractor BDI Construction, engineer Kimley-Horn, interior design by Builders Design, and landscape architecture by Witkin Hults + Partners.
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