A new $28 million affordable housing community for seniors opened Thursday, adding 107 apartments to a region facing a significant shortage of affordable rental units.

• Princeton Grove, located at 475 Aplin Road, is a partnership between Housing Trust Group, one of the nation’s largest affordable housing developers, and AM Affordable Housing, the nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning.

The four-story community offers one- and two-bedroom apartments reserved for income-qualifying residents who earn at or below 22, 30 and 60 percent of area median income. Rents range from $381 to $1,323 per month. Six units are dedicated to veterans of the U.S. Armed Forces.

Limited availability remains for 60% AMI units, with rents starting at $1,048 for one-bedrooms and $1,263 for two-bedrooms.

“The demand for quality rental housing in Northwest Florida has never been greater,” said Matthew Rieger, president and CEO of Housing Trust Group. “Princeton Grove will do more than just meet the demand for apartments — it will enhance quality of life for Crestview seniors and veterans.”

Alonzo Mourning said the project reflects his organization’s core mission.

• “Providing safe, dignified and affordable housing for seniors and veterans is at the heart of AM Affordable Housing’s mission,” Mourning said. “Princeton Grove represents what’s possible when nonprofit and private partners work together to deliver solutions that truly matter.”

The ribbon-cutting ceremony drew city leaders including Okaloosa County Commissioner Paul Mixon, Crestview Councilmember Dusty Allison, and Crestview Chamber of Commerce Board Chairman John Feeney, along with Housing Trust Group COO Jordan Tolman.

“Okaloosa County is proud to celebrate this achievement in affordable housing with our community partners,” said Okaloosa County Board Chairman Paul Mixon. “Creating better affordable living options for our seniors has a positive effect on their new phase in life and it opens up opportunities for young and growing familes to transition out of rental apartments and into larger more suitable dwellings.”

According to the latest University of Florida rental market report, Okaloosa County has a shortage of over 5,000 affordable and available rental units for renters at the 60% AMI level.

Crestview’s location approximately 30 minutes from Eglin Air Force Base, 20 minutes from Duke Field and less than an hour from Hurlburt Field has contributed to housing demand. The bases employ tens of thousands of military and civilian personnel.

Earlier this year, Williams International announced plans to build a $1 billion, one-million-square-foot aviation manufacturing facility in the Shoal River Industrial Park in Okaloosa County, one of the largest projects in Northwest Florida’s history.

• The area’s affordability relative to coastal markets has attracted young families, veterans and retirees relocating from nearby counties including Walton and Santa Rosa, as well as out-of-state movers, according to the company.

“This growth, combined with limited new multifamily construction and rising single-family home prices, has widened the affordability gap, making developments like Princeton Grove essential to meeting the community’s housing needs,” Rieger said.

Princeton Grove amenities include a clubhouse, resort-style swimming pool, fitness center, pickleball court, dog park, theater room and clubroom with computer stations. Individual apartments feature Energy Star appliances and granite countertops. The property is National Green Building Standard certified.

Residents have access to financial literacy and employment assistance programs.

Those interested in applying can visit www.princetongrovehtgm.com, call 850-909-7550 or visit the leasing office.