BOSTON, MA - Boston Capital invested in the rehabilitation of two multifamily apartment communities for seniors in Virginia: Gypsy Hill House Apartments, a 100-unit development in Staunton and Burnt Ordinary Village Apartments, a 22-unit development in Toano. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with T.M. Associates, Inc., based in Maryland along with the Telamon Corporation, a non-profit organization based in North Carolina.
"Boston Capital's long-term relationship with T.M. Associates has resulted in the preservation and creation of more than 70 affordable multifamily developments in the mid-Atlantic region," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "The substantial rehabilitation of both apartment communities will result in enhanced conditions and amenities which will be attractive to low-to-moderate income seniors seeking high-quality affordable housing in the Staunton and Toano areas."
Boston Capital's investments in Gypsy Hill House Apartments and Burnt Ordinary Village Apartments add 122 units of affordable housing to its apartment portfolio. The rehabilitation of these properties will generate $4 million in local income and create approximately 45 jobs in the Staunton and Toano areas. To date, Boston Capital has invested in nearly 13,000 units of affordable housing in Virginia.
Gypsy Hill House Apartments
Gypsy Hill House Apartments features 98 one-bedroom and two, two-bedroom garden-style units in a three-story, wood-frame, elevator building. Unit amenities will include central air conditioning, emergency pull cords, patios, ceiling fans and new EnergyStar appliances, including ranges, refrigerators and dishwashers. Community amenities will include common laundry, a large community room with a kitchen, a lounge, a beauty salon and a visiting nurse's office. Units will be available to seniors ages 55 and older earning 50 percent or less of the Area Median Income (AMI).
Burnt Ordinary Village Apartments
Burnt Ordinary Village Apartments features 22 one-bedroom/one-bath units in six, single-story, wood-frame buildings. Unit amenities will include patios, ceiling fans, central air conditioning and new EnergyStar appliances including ranges, refrigerators and dishwashers. Renovations will include the installation of a common laundry area, on-site management office and a community room with a kitchenette. Units will be available to seniors ages 55 and older 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 $14.3 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.