BC Invests in 120-Unit Community
- Nov 08, 2012
Smithfield, Va.—Thanks to tax credit equity from the Low Income Housing Tax Credit program, Boston Capital has invested in the Bradford Mews Apartments, a 120-unit development for families in Smithfield, Va.
“Smithfield is a small town in Virginia with many of its stores located along a one-mile stretch of road. Bradford Mews’ location sits in the middle of this road and allows residents to easily access healthcare providers, shops, restaurants, grocery and pharmacies,” Amy Coghlin, Boston Capital’s vice president of acquisitions, tells MHN. “The friendly management staff helps foster a comfortable and favorable environment in which to live which is reflected in the property’s low turnover.”
Bradford Mews Apartments features 72 two-bedroom/two-bath apartments and 48 three-bedroom/two-bath apartments in 10 three-story, garden-style buildings. Units will be available to families earning 60 percent or less of the area median income.
The scope of work includes exterior improvements such as repairing concrete walks, grading, fixing failing storm water drop inlets, renovating the playground, installing new Energy Star windows, adding new vinyl siding and new doors and frames as needed, increasing attic insulation to R-38, replacing exterior building lights, renovating the clubhouse and adding redesigning the building entrances with new five-foot overhangs.
“We are very excited about the work to be done in the units,” Coghlin says. “Improvements to the interior include replacing all kitchen appliances, adding new cabinets and counters, new kitchen sinks with sprayer and hardware, installing GFI outlets, replacing damaged bathroom vanities and tops, installing low flow aerators in faucets, adding new fire sprinkler heads and smoke detectors with battery backup, and adding range queen fire suppression units, new hot water heaters, new gutters and new heat pumps.”
Units will also feature washer and dryer hookups, dishwasher, refrigerators, ranges, and durable and attractive vinyl plank flooring.
“The new windows, insulation, energy star appliances, and high efficiency heating/cooling systems should provide great savings in terms of energy bills to the residents while creating a more pleasant living environment,” Coghlin says. “Our general partner team made a wise decision to incorporate the vinyl plank instead of carpet in the high traffic areas which not only looks great but cuts down on carpet replacement; a cost burden that continues to rise with oil prices since it is a petroleum product. The vinyl plank also allows the carpet areas to be compartmentalized, allowing replacement of only the living room or only a bedroom with no fear of having to have perfectly matching dye lots.”
The rehabilitation of Bradford Mews Apartments is expected to generate $2.2 million in local income and create approximately 25 jobs in the Smithfield area. Boston Capital’s general partners on the rehab will be Michael McNamara of Williamsburg-based Bastion Development Corporation and Thomas Niles of Ten Development Inc.
With its investment in the Bradford Mews Apartments, Boston Capital adds 120 units of affordable housing to its apartment portfolio. To date, the company has invested in nearly 13,120 units of affordable housing in Virginia.
“Smithfield is a picturesque Virginia town. The residents really enjoy living at Bradford Mews and take pride in and appreciate the way the property is maintained with great landscaping and curb appeal,” Coghlin says. “This renovation allows the lovely new exterior to match a much updated interior and provides even more reasons for the residents to be proud to call Bradford Mews home.”