Housing Trust Group developing Whispering Palms Apartments

BUYER: HTG Pinellas 2 LLC (principal: Matthew and Randy Rieger), Miami
SELLER: Heartwood Partners 3 LLC
PROPERTY: 601 16th Ave. S.E., Largo
PRICE: $1.1 million
LAW FIRM ON DEED: Greenspoon Marder, Fort Lauderdale

PLANS, DESCRIPTION:
Housing Trust Group purchased a 4.4-acre site just east of Seminole Boulevard in Largo for $1.1 million.

The price equated to $250,000 per acre.

The Coconut Grove-based developer has already started construction there to create a 63-unit affordable housing community called Whispering Palms Apartments. The community will include a mixture of two- and three-bedroom townhomes and garden-style apartments. It will also include four units specifically for special needs families.

Community amenities will include a multipurpose clubhouse, large pool with pergola, fitness center, playground and computer lab. Residents will also have opportunities for after-school children's programs, literacy training, employment assistance and skills workshops.

“Housing Trust Group is always attracted to markets such as Largo, where there is a need for additional affordable housing, based on demand stemming from the underlying strength of the area's employment base and associated income-eligible households,” Matthew Rieger, president and CEO of Housing Trust Group, wrote in an email to the Business Observer. “In this particular case for our 63-unit Whispering Palms development, we saw the opportunity to provide for a unique family-style development product featuring a mix of townhomes and garden-style apartment homes.”

The project is scheduled for completion in the fourth quarter.

In December 2013, Housing Trust Group completed the $7.8 million renovations of a 145-unit affordable housing development called 540 Town Center, at 540 Second Ave. S., St. Petersburg.