Boston Capital Invests in Two Affordable Housing Properties
- Oct 17, 2014
Boston—Boston Capital reports that it has invested in the rehabilitation of two affordable multifamily properties in the eastern United States. The two are Marjorie Gardens Apartments, a 126-unit community in Morgantown, W. Va., and Pine Ridge Apartments, a 27-unit property in Louisa, Va.
The developments will be rehabed with tax credit equity from the Low Income Housing Tax Credit program. The general partners are affiliated with T.M. Associates Inc., based in Rockville, Md., along with the Telamon Corp., a nonprofit based in Raleigh, NC.
Marjorie Gardens Apartments features 42 one-bedroom, 40 two-bedroom and 20 three-bedroom apartments, as well as 24 three-bedroom, two-story townhomes, which will be available to individuals and families earning 60 percent or less of the area median income (AMI). Once rehabbed, common amenities will include a newly constructed community building featuring a large multipurpose room with a kitchen, a common laundry facility and a new playground. Units will feature central AC, ceiling fans, new Energy Star appliances, and patios in the townhouse apartments.
Pine Ridge Apartments features 27 two-bedroom/one-bath apartments in four residential buildings, and will be available to individuals and families earning 50 percent or less of the AMI. Renovations will include the addition of a community room with a kitchen as well as on-site management, a common laundry room and playground. Each apartment will feature central AC, ceiling fans and new Energy Star appliances.
According to the investor, the rehabilitation of the properties will generate $4.9 million in local salaries and create about 52 jobs in the Morgantown and Louisa areas. The investment adds 153 affordable apartments to Boston Capital’s portfolio. To date, the company has invested in nearly 2,100 affordable apartments in West Virginia and more than 14,000 affordable apartments in Virginia.