DEAL OF THE DAY: Boston Capital Invests in Rehabilitation of 586 Public Housing Units
- Apr 22, 2008
By Anuradha Kher, Online News EditorSeattle–Boston Capital has recently invested in the rehabilitation of 586 apartment units in seven mid- and high-rise buildings located on scattered sites in Seattle. This investment completed the third and final phase of the homeWorks project, the rehabilitation of 21 of the Seattle Housing Authority’s (SHA) 28 high-rise, public housing buildings. Boston Capital is investing $24,400 per unit in construction costs for Phase I, $31,600 per unit for Phase II and $23,500 per unit for Phase III. The apartments serve seniors, people with disabilities and other adults with low incomes. The buildings feature 75 studios and 511 one-bedroom plans. Of the 586 units, 551 are tax credit units targeting households with incomes at or below 60 percent of area median income (AMI). Building amenities include common area laundry facilities, community rooms, resident-organized libraries, social services and tenant programs. Renovations include the replacement of galvanized domestic water lines and ventilation equipment, roof repairs and common area upgrades.“We are pleased to partner with the Seattle Housing Authority in the acquisition and rehabilitation of these 21 buildings, offering critical renovations to units serving the needs of Seattle’s low-income residents, including many seniors and persons with disabilities,” says Jeff Goldstein, executive vice president and director of Real Estate at Boston Capital. Phase III, the final phase of the homeWorks project and is expected to be complete in October of 2009. Phase I was completed in September 2007 and Phase II is scheduled to be complete in August of 2008. Each phase includes the rehabilitation of seven properties, located in residential urban neighborhoods offering community amenities such as shopping, public transportation and employment. The number of units rehabilitated in all three phases totals 1,980.