DEAL OF THE DAY: Boston Capital Invests in Affordable Development in San Diego
San Diego--Boston Capital invested in the construction of City View Apartments, a to-be-built, 31-unit multifamily development for families located in San Diego.
San Diego‑Boston Capital invested in the construction of City View Apartments, a to-be-built, 31-unit multifamily development for families located in San Diego. The general partner is Affirmed Housing Group, Inc. The amount of investment was not disclosed.
“This investment represents Boston Capital’s 14th partnership with our long-term developer partner Affirmed Housing Group,” says Jack Manning, president and CEO of Boston Capital.
City View Apartments will include 31 units in two four-story buildings. The development will feature two one-bedroom, five two-bedroom and 24 three-bedroom units constructed on a podium above structured parking and connected by a walkway at each floor level. All units will be equipped with dishwashers, microwaves and patios/balconies. Units will be available to families earning 50 percent or less of the Area Median Income (AMI).
Development amenities will include a secured garage with elevator access, gated entry, a laundry room, a community room with kitchen, a learning center, a BBQ/picnic area, bicycle racks and a playground.
The apartment community will also feature a computer room and after-school support services, including daily homework assistance. Energy efficiency will be increased through the installation of solar panels on the roofing. Upon completion, the development will be LEED Silver Certified by the U.S. Green Building Council.
“Given a strong demand for quality affordable housing in San Diego, City View Apartments will offer competitive rents and amenities for families seeking energy-efficient, high-quality apartments in a location convenient to jobs, transportation and urban amenities,” adds Manning.
City View Apartments will be located in the North Park neighborhood in San Diego within close proximity to social services, healthcare providers, schools and fire and police protection.