Boston Capital Invests in 70-unit Affordable Multifamily Development
- Oct 04, 2012
West Roxbury, Mass.—Boston Capital is investing in the construction of Cheriton Heights Apartments, a 70-unit multifamily development for seniors in Boston’s West Roxbury neighborhood. This investment represents Boston Capital’s first transaction with Boston-based Community Builders Inc., the largest nonprofit developer of mixed-income housing in the United States.
“Boston Capital’s investment in Cheriton Heights presented us with an opportunity to partner with a local developer with a national presence,” Sam Guagliano, Boston Capital’s vice president of acquisitions, tells MHN. “The apartment community’s location in West Roxbury allowed us to invest in a strong rental market with excellent access to the city via public and private transportation.”
The new six-story elevator building will be located next to an existing 60-unit building for seniors, Cheriton Grove Apartments, and is expected to be completed in June of next year.
“West Roxbury’s neighborhoods are characterized by condominiums, single-family homes and apartment rentals, which will be attractive to residents,” Guagliano says. “Seniors will benefit from convenience stores located along nearby Washington Street as well as the development’s close proximity to the newly-built Legacy Place, an open-air shopping, dining and entertainment complex.”
Units will be available to seniors ages 62 and older earning 60 percent or less of the Area Median Income.
“Cheriton Heights Apartments will feature 64 one-bedroom units ranging from 540-750 square feet as well as six 930-square-feet, two-bedroom units,” Guagliano says. “Several of the two-bedroom units will be leased to market rate tenants who don’t qualify under the section 42 program.”
Community amenities will include a 1,815 square foot community room with a kitchen, a 1,822 square foot library/media room with a kitchen, a large common area patio space with bench seating and even a beauty salon.
“Our experience is that seniors generally like to congregate within the community in which they live and Cheriton’s amenity package provides services which allow residents to enjoy these amenities while staying on site,” Guagliano says.
Residents will also have access to a community garden and picnic area at the adjacent Cheriton Grove senior property.
Cheriton Heights Apartments will be built with tax credit equity from the Low Income Housing Tax Credit program, in addition to financing from several federal, state and local sources.
The construction is expected to generate $6.7 million in local income and create approximately 102 jobs in the West Roxbury area.
To date, Boston Capital has invested in nearly 4,000 units of affordable housing in Massachusetts.