Boston Capital Invests in Three North Carolina Affordable Developments
- Jul 20, 2012
By Jeffrey Steele, Contributing Writer
Asheboro, N.C.—Boston Capital has invested in the construction of a trio of North Carolina affordable multifamily developments. They are Admiral Pointe, a 54-unit development for seniors in High Point; Sunset Place Apartments, a 52-unit development for families in Asheboro; and Ardsley Commons, a 36-unit development for seniors in Locust.
Tax credit equity from the Low Income Housing Tax Credit (LIHTC) program will be used in building the properties.
“We were attracted to these developments because of our long-term relationship [and] partnership with Wynnefield Properties, and the need for affordable housing in these locations,” Jeannine Ranaghan, Boston Capital’s vice president of acquisitions, tells MHN. “We were fortunate that each town was more than willing to get these developments built, and offered any support we needed.”
Admiral Pointe, available to seniors earning 30, 50 and 60 percent or less of Area Median Income (AMI) will be a three-story building with six two-bedroom and 48 one-bedroom units. The units will offer central air, dishwashers, washer/dryer hook-ups, ceiling fans, walk-in closets and storage areas. Common area amenities will include a community area with computer center, fitness center and community room, as well as outdoor sitting space with tables and grills. In addition, there will be a laundry room on each floor.
Sunset Place, available to families earning 40, 50 and 60 percent or less of AMI, will offer two three-story, garden-style buildings with 12 three-bedroom and 40 two-bedroom apartments. All units will offer central air, washer/dryer hook-ups, ceiling fans, walk-in closets and storage. The community area will include a laundry room, computer center, fitness center and community room with kitchen.
Ardsley Commons, available to seniors earning 40, 50 and 60 percent or less of AMI, will be a three-story elevator structure featuring four two-bedroom and 32 one-bedroom residences.
All units will offer central air, dishwashers, washer/dryer hook-ups and walk-in closets. Each floor will have a storage area and laundry facilities. The community room will feature a computer center and fitness area. Outside sitting areas will offer a picnic area with tables and grills.
“Boston Capital’s equity investments in Admiral Pointe, Sunset Place Apartments and Ardsley Commons add three outstanding properties to our portfolio, while offering seniors and families with low-to-moderate incomes superior housing options in terms of unit design and size,” says Jeff Goldstein, chief operating officer and director of real estate at Boston Capital.
He noted that in each case, the development’s proximity to community services and retail, education and healthcare venues will add to their desirability.
Adds Ranaghan: “We are very active in the North Carolina market, and look forward to investing in more developments with our many partners in North Carolina.”