Boston Capital Invests in Three Oklahoma Affordable Multifamily Developments
- Sep 06, 2012
Oklahoma City—Boston Capital is investing in the construction of three affordable multifamily developments in Oklahoma totaling 105 units that will be built with tax credit equity from the Low Income Housing Tax Credit program.
The three developments are: Cedar Hollow, a 29-unit development for families in Harrah; Cottage Park-Shawnee, a 32-unit development for seniors in Shawnee; and Cross Creek Landing, a 44-unit development for seniors in Oklahoma City.
Oklahoma City-based The Carland Group LLC will serve as general partner for all three properties, which is expected to generate $10.2 million in local income and create approximately 155 jobs in the Harrah, Oklahoma City and Shawnee areas.
“Historically, we’ve had a presence in Oklahoma, investing in nearly 4,000 units in the market,” Sam Guagliano, Boston Capital’s vice president of acquisitions, tells MHN. “These properties appeal to us given their close proximity to available jobs, as well as the quality of the developments.”
Cedar Hollow is located on approximately six acres and consists of 29 three-bedroom, single-family homes available to families earning 50 percent or less of the Area Median Income. Two of the units will also be set aside for families with special needs.
“Cedar Hollow is attractive to residents who aspire to live in a single-family home, which is typically not the norm in this particular arena,” Guagliano says. “Cedar Hollow will offer tenants a single-family feel. The homes around the development range from $150,000-$250,000, which appeals to people who want to raise a family and live independently.”
These units will include amenities such as a full kitchen with Energy Star appliances, ceiling fans in the living rooms and bedrooms, washers and dryers, two-car garages and outdoor patios. The apartment community will also offer a picnic area, playground and sport court.
Cottage Park-Shawnee will include 10 one-story, garden-style buildings situated on more than three acres featuring six one-bedroom and 26 two-bedroom units. Units will include Energy Star appliances, ceiling fans, dishwashers, stacked washers and dryers and a one-car garage.
The development will also feature a 1,200 square foot community building which will include an office, a community room and a storm shelter.
“Our experience is that seniors generally like to have an extra bedroom and by offering duplexes, we’re providing a unique housing opportunity,” Guagliano says. “The development also includes a storm shelter within the community room, which can house all the tenants in the event of a wind storm.”
Units will be available to seniors earning 60 percent or less of the AMI.
Cross Creek Landing will feature 10 one-bedroom and 34 two-bedroom units in 22 residential buildings on seven acres of property. Two of the homes will be set aside for households with special needs and be fully handicapped accessible. Units will be available to seniors earning 50 percent or less of the AMI.
“Cross Creek offers a great living experience with a significant rent advantage,” Guagliano says. “The design creates a neighborhood feel and the location offers great access to residential amenities and major employers, as well as recreational, entertainment and educational opportunities.”
Amenities include a 2,133-square-foot community building with a recreation room and a kitchen. Unit amenities will include a full kitchen with Energy Star appliances, ceiling fans in the living rooms and bedrooms, frost-free refrigerators with ice makers, dishwashers, stacked washers and dryers and a one-car garage.