Boston Capital Invests in Green Affordable Seniors Housing Project in San Antonio

San Antonio–The Mirabella Apartments, an affordable seniors housing development in San Antonio, Tex., has gotten a financial boost with Boston, Mass.-headquartered Boston Capital’s recent $6.13 million equity investment. Cleveland, Ohio-based NRP Group L.L.C. is developing the 172-unit project with a strong eye on energy efficiency.

Mirabella is presently under construction and, upon completion, residences will be available to individuals aged 55 years and over with income at or under 60 percent of the Area Median Income. Occupying a nine-acre site along Bandera Rd., the apartment community will consist of four buildings with gated and controlled access. The three- and four-story structures will encompass 112 one-bedroom units and 60 two-bedroom units.

While Mirabella will offer a list of coveted amenities, including a community room, business center and exercise facility, Boston Capital and NRP Group believe that one of the most important features of the apartment complex is one that will help residents keep a little more money in their pockets. A passive hot water solar system will be incorporated for the purpose of preheating water for residential use of hot water and forced hot air heating, thereby lowering energy costs and expenses for tenants.

For Boston Capital, the existence of green elements in apartment properties is of great importance. “Boston Capital, with its developer partners, strives to build sustainable, environment-friendly, multifamily apartment communities throughout the United States,” Jeff Goldstein, chief operating officer and director of real estate at Boston Capital, tells MHN. “In addition to investing in high-quality affordable housing, we are committed to improving energy and water efficiency, reducing costs and lessening our environmental impact.”

Construction of Mirabella is scheduled to conclude in April 2011.