DEAL OF THE DAY: Boston Capital Acquires Affordable Multifamily Development for $18,900 Per Unit
- Mar 10, 2008
By Anuradha Kher, Online News EditorBartlesville, Okla.–Boston Capital has recently invested in Brookhaven Plaza Apartments, a 120-unit multifamily development in Bartlesville, Okla., located 40 miles north of Tulsa. Boston Capital has paid $18,900 per unit to acquire this property.The general partner is Summit America Properties Inc., an affiliate of Montgomery, Ala.-based Summit Asset Management LLC., an owner, developer and manager of multifamily housing.“We will continue to provide our developer partners and our investors the best finance and investment programs in the business while expanding on our commitment to provide the finest affordable housing to families in Oklahoma and communities throughout the country,” says Jeff Goldstein, CEO and director of Real Estate at Boston Capital.Located on an eight-acre site, Brookhaven Plaza Apartments includes six two-story, garden-style buildings containing 120 one-, two- and three-bedroom units, available to residents at 50 percent or less of the Area Median Income (AMI). Boston Capital and Summit Properties will make renovations and upgrades worth nearly $28,546 per unit in total construction costs. These will include remodeling of the existing leasing office, roofs, kitchens, appliances and windows. The companies will also invest in upgrading playground equipment, HVAC equipment and parking for 177 cars.