BOSTON, MA - Boston Capital invested in the rehabilitation of Bradford Mews Apartments, a 120-unit development for families in Smithfield, VA. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are Williamsburg-based Bastion Development Corporation and Ten Development, Inc.
"Substantial interior and exterior renovations will add to the desirability of Bradford Mews Apartments," said Jack Manning, president and CEO of Boston Capital. "Boston Capital is pleased to partner with Bastion Development Corporation and Ten Development in this rehabilitation to help meet the growing demand for high-quality affordable housing units for families in the Smithfield market."
The rehabilitation of Bradford Mews Apartments will generate $2.2 million in local income and create approximately 25 jobs in the Smithfield area. Boston Capital's investment in Bradford Mews Apartments adds 120 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 13,120 units of affordable housing in Virginia.
Bradford Mews Apartments features 72 two-bedroom/two-bath apartments and 48 three-bedroom/two-bath apartments in 10 three-story, garden-style buildings. Units feature central air conditioning, patios, balconies and storage. Development amenities include a clubhouse, laundry room, fitness room, volleyball court and playground. The apartment community is located within close proximity to public transportation, healthcare providers and schools. Units will be available to families earning 60 percent or less of the Area Median Income (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.