Boston Capital Investing in Seniors Development in Baltimore
- Oct 24, 2013
Baltimore—Boston Capital is partnering with Comprehensive Housing Assistance in the investment of construction of Manor South, a 90-unit development for seniors located in Baltimore.
“The property will help to satisfy tremendous demand for affordable housing and is being executed by a strong development partner with local experience,” Rich Mazzocchi, Boston Capital’s vice president of acquisitions, tells MHN. “Manor South will provide much needed affordable housing for seniors and the disabled in the greater Baltimore area.”
Manor South will be built with tax credit equity from the Low Income Housing Tax Credit program and developed by Comprehensive Housing Assistance Inc.
“The lack of new construction of affordable housing in the Park Heights in recent years, combined with high occupancy rates at competing properties, make this an attractive submarket of Baltimore in which to invest,” Mazzocchi says. “Manor South has an attractive design and favorable location.”
The development will include 53 one-bedroom and 37 two-bedroom units ranging in size from 653 to 1,006 square feet. Units will feature an open-floor concept and will include a living/dining area, generous-sized bedrooms and walk-in closets.
The four-story elevator building will include amenities such as a community room, computer room, laundry facilities on each floor, and onsite social services for residents.
Units will be available to seniors ages 62 or older earning 60 percent or less of the Area Median Income
According to Mazzocchi, the property is located within the Park Heights neighborhood of Baltimore and benefits from close proximity to a wide array of retail and services. Public transportation is accessible, with a bus stop located one-block from the site.
It’s believed that the construction will generate approximately $8.6 million in local salaries and create more than 130 new jobs in the Baltimore area.
With the addition of these 90 units, Boston Capital has now invested in nearly 6,000 units of affordable housing in Maryland.