BOSTON, MA - Boston Capital is investing in the construction of Cheriton Heights Apartments, a 70-unit multifamily development for seniors in West Roxbury, MA. Cheriton Heights Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is Boston-based Community Builders, Inc.
"High-quality construction and a convenient location will contribute to Cheriton Heights' competitive position in the Boston market," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "Seniors will benefit from the apartment community's close proximity to public transportation and community services as well as a pharmacy, grocery store, post office and library."
Cheriton Heights Apartments will feature 64 one-bedroom and six two-bedroom units in a six-story building. Development amenities will include a 1,815 square foot community room with a kitchen, a 1,822 square foot library/media room with a kitchen, a beauty salon and a large common area patio space with bench seating.
Additionally, residents will have access to a community garden and picnic area at the adjacent Cheriton Grove senior property. Units will be available to seniors ages 62 and older earning 60 percent or less of the Area Median Income (AMI).
The construction of this property will generate $6.7 million in local income and create approximately 102 jobs in the West Roxbury area. Boston Capital's investment in Cheriton Heights Apartments adds 70 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 4,000 units of affordable housing in Massachusetts.
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 $14.3 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.