BOSTON, MA - Boston Capital is investing in the construction of three affordable multifamily developments in Oklahoma: 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. The developments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is The Carland Group, LLC, based in Oklahoma City.
The construction of these three properties will generate $10.2 million in local income and create approximately 155 jobs in the Harrah, Oklahoma City and Shawnee areas. Boston Capital's investment in Cedar Hollow, Cottage Park-Shawnee and Cross Creek Landing adds 105 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 3,950 units of affordable housing in Oklahoma.
"We are pleased to partner with The Carland Group in these three investments which offer much-needed, high-quality, affordable rental opportunities to seniors and families in Harrah, Oklahoma City and Shawnee and their surrounding communities," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital.
Cedar Hollow
Located on nearly six acres, Cedar Hollow's 29 three-bedroom, single-family homes will be available to families earning 50 percent or less of the Area Median Income (AMI). Two of the units will be set aside for families with special needs. Unit amenities will include a full kitchen with Energy Star appliances, ceiling fans in the living rooms and bedrooms, washers and dryers, two-car garages and outdoor patios. Development amenities will include barbecue grills, a picnic area, a playground and sport court. Cedar Hollow will be located close to residential amenities, schools and employment centers.
Cottage Park-Shawnee
Located on more than three acres, Cottage Park-Shawnee will include 10 one-story, garden-style buildings 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 feature a 1,200 square foot community building which will include an office, a community room and a storm shelter. Cottage Park-Shawnee is located within close proximity to residential amenities and major employers, as well as recreational, entertainment and educational opportunities. Units will be available to seniors earning 60 percent or less of the AMI.
Cross Creek Landing
Located on nearly seven acres, Cross Creek Landing will feature 10 one-bedroom and 34 two-bedroom units in 22 residential buildings. Two of the homes will be set aside for households with special needs and be fully handicapped accessible. The development will also feature 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. Units will be available to seniors earning 50 percent or less of the AMI.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include nearly 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 157,425 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.