New Affordable Senior Apartment Community Opens in Crestview

In Brief:

👥 Who: Housing Trust Group, AM Affordable Housing, Alonzo Mourning, Matthew A. Rieger, Dusty Allison, Paul Mixon, John Feeney
🏗️ What: Opening of Princeton Grove, a $28 million affordable housing community for seniors 55+
📅 When: October 23, 2025
📍 Where: 475 Aplin Road, Crestview, Florida
💡 Why: To address Okaloosa County’s shortage of affordable rental housing and provide safe, high-quality homes for seniors and veterans

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CRESTVIEW — A new affordable housing complex for seniors has opened in Crestview, offering more than 100 units for residents 55 and older.

Housing Trust Group (HTG) and AM Affordable Housing, the nonprofit founded by former NBA player Alonzo Mourning, held a ribbon-cutting ceremony Thursday for Princeton Grove, a $28 million development located at 475 Aplin Road.

The four-story property includes 107 one- and two-bedroom apartments for income-qualifying residents earning at or below 22%, 30%, or 60% of the area median income (AMI). Rents range from $381 to $1,323 per month. Six of the apartments are reserved for U.S. military veterans.

Limited units remain available at the 60% AMI level, with one-bedroom apartments starting at $1,048 and two-bedrooms at $1,263, according to HTG. Those interested can apply or learn more at www.princetongrovehtgm.com or by calling (850) 909-7550.

City and county officials attended the grand opening, including Crestview City Councilmember Dusty Allison, Okaloosa County Commissioner Paul Mixon, and Crestview Chamber of Commerce Board Chair John Feeney.

Allison said the project fits with Crestview’s goal of maintaining its “Community Character” while accommodating growth. “This development provides much-needed housing options for those who’ve given so much to this community,” Allison said.

HTG and AM Affordable Housing have completed nine developments together, with several more underway across the state.

HTG President and CEO Matthew Rieger said the demand for affordable rentals in Northwest Florida remains high. A recent University of Florida report estimated Okaloosa County is short more than 5,000 affordable rental units for households at the 60% AMI level.

“The demand for quality rental housing in Northwest Florida has never been greater,” Rieger said. “Princeton Grove will enhance the quality of life for Crestview seniors and veterans.”

Mourning, who founded AM Affordable Housing after his NBA career, said the project reflects the nonprofit’s mission. “Providing safe, dignified and affordable housing for seniors and veterans is at the heart of what we do,” he said.

Growth Pressures Drive Housing Demand

Crestview has become one of the fastest-growing cities in the Florida Panhandle, positioned about 30 minutes from Eglin Air Force Base and within commuting distance of Duke Field and Hurlburt Field. Those installations, along with local healthcare, logistics, and education sectors, employ tens of thousands of people in the region.

Earlier this year, the State of Florida and Williams International announced plans for a $1 billion aviation manufacturing facility in nearby Shoal River Industrial Park — one of the largest projects in Northwest Florida’s history.

Developers said growth, rising home prices, and limited new multifamily construction have widened the area’s affordability gap, making developments like Princeton Grove more necessary.

Amenities and Financing

Amenities at Princeton Grove include a clubhouse, pool, fitness center, pickleball court, dog park, and theater room. Each unit features Energy Star appliances, granite countertops, and other modern finishes. The building is National Green Building Standard certified.

Residents will also have access to services such as financial literacy and employment assistance programs.

Financing for the project included:

$9.1 million in 4% Low Income Housing Tax Credit equity from Truist Capital Corporation
$14 million construction loan from Truist Bank
$8.55 million from the State Apartment Incentive Loan (SAIL) program
$600,000 Extremely Low Income loan
$654,000 National Housing Trust Fund loan
$7.45 million Freddie Mac loan through Grandbridge Real Estate Capital

The development team included Bayern Construction (general contractor), Choctaw Engineering (civil engineer), PQH Group (architecture and design), Booth Design Group (landscape design), and Builders Design (interior design).

HTG, based in Florida, has developed more than $4 billion in multifamily and mixed-use real estate. AM Affordable Housing partners with developers statewide to create sustainable, affordable housing for seniors, veterans, and families.