Housing Trust Group (HTG) and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have secured financing and started building Courtside Apartments II. This new $58 million affordable apartment community has 120 units in Miami’s historic Overtown neighborhood. Courtside Apartments II is the second phase of a two-part development, following the award-winning Courtside Apartments that opened in 2016.
The apartments at Courtside Apartments II are designated for residents who qualify based on income, earning at or below 50, 60, and 70 percent of the area median income (AMI). Monthly rental prices will vary from $985 to $3,092. Leasing is anticipated to commence in fall 2025, and construction is set to be completed by 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,” says Matthew Rieger, president and CEO of HTG, a multifamily developer. “Courtside Apartments II exemplifies our ongoing commitment to addressing this challenge and providing essential housing for families seeking high-quality and affordable options.”
Courtside Apartments II is located at 1698 NW 3 Ave. (North Building) and 1501 NW 4 Ave. (South Building). The property comprises two mid-rise seven-story residential buildings covering over 161,000 square feet. It offers 58 one-bedroom, 40 two-bedroom, and 22 three-bedroom units. Residents can use amenities such as a clubhouse with a media center, state-of-the-art fitness center, dog park, and bike storage. The units have full-size Energy Star-rated appliances, luxury vinyl plank flooring, and modern fixtures.
Courtside Apartments II will offer various free on-site programs to complement the residential offerings. These include adult literacy training, employment assistance, a financial management program, and multiple community events and daily activities.
The funding for Courtside Apartments II includes a $30 million construction loan from JPMorganChase, $25.9 million in 4% Low-Income Housing Tax Credits (LIHTC) syndicated through Truist Bank, an $18.6 million permanent loan from Grandbridge Real Estate Capital, an $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 consists of Corwil Architects, BDI Construction as the general contractor, Kimley-Horn as the engineer, Builders Design for interior design, and Witkin Hults + Partners for landscape architecture.
