Boston Capital to Invest in Two Affordable Housing Projects in N.C.
- Jul 17, 2014
Boston—Real estate investment and advisory firm Boston Capital has announced that it will invest in the construction of two affordable multifamily community projects in North Carolina. The projects include Lockwood Village Apartments in Wilmington, N.C., and Ravenswood Apartments in Wilson, N.C.
Boston Capital will construct the communities using tax credit equity from the Low Income House Tax Credit (LIHTC) program. Developers for the projects include Raleigh, N.C.-based SNW LLP and Community Alternatives for Supporetive Abodes (CASA).
“Great developer partners like the Norris family combined with strong markets and superb locations attracted Boston Capital to these investments in North Carolina,” says Jack Manning, president and CEO of Boston Capital. “Additionally, both newly constructed developments will have a stimulative impact on the North Carolina economy through the creation of jobs and the generation of local salaries.”
The projects’ efforts are anticipated to generate almost $14.2 million in local salaries as well as the creation of about 150 new jobs in the respective cities.
The 60-unit Lockwood Village Apartments will be located on 4.42 acres and will include a mix of one- and two-bedroom apartments spread across five, three-story buildings. With 72 units, the 9-acre Ravenswood Apartments will be comprised of nine two-story buildings that will also offer one- and two-bedroom options. Apartments at both communities will be available to residents earning 60 percent or less of the Area Median Income.
Residences at both communities will include Energy Star appliances and HVAC systems in addition to ceiling fans, patio or balconies, extra storage and washer and dryer hookups. Each community will include a 1,200-square-foot community building that includes on-site management and management offices, a community room with kitchen, a computer room and central laundry area. Other amenities offered at the communities include a gazebo and a playground featuring a screened porch with seating.