BOSTON, MA - Boston Capital invested in the rehabilitation of two multifamily apartment communities for seniors in Virginia: Amherst Village Apartments, a 48-unit development in Amherst and Meadow Run Apartments, a 43-unit development in Gordonsville. 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.
"The Amherst and Gordonsville housing markets demonstrate a strong need for high-quality, affordable housing developments with one-bedroom units suitable for seniors," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "The installation of energy-efficient split system units and EnergyStar appliances will create environment-friendly improvements, increasing the sustainability of our portfolio and significantly reducing electricity costs for residents, many on fixed incomes."
Boston Capital's investments in Amherst Village Apartments and Meadow Run Apartments add 91 units of affordable housing to its apartment portfolio. The rehabilitation of these properties will generate $3.5 million in local income and create approximately 40 jobs in the Amherst and Gordonsville areas. To date, Boston Capital has invested in nearly 13,200 units of affordable housing in Virginia.
Amherst Village Apartments
Amherst Village Apartments features 48 one-bedroom, one-bath units in five, one-story wood-frame buildings. Unit amenities will include patios, ceiling fans and new EnergyStar appliances, including ranges, refrigerators and dishwashers. Renovations will include an expanded community building which will feature a leasing office, common laundry and a community room with a kitchen. Units will be available to seniors ages 55 and older earning 50 percent or less of the Area Median Income (AMI).
Meadow Run Apartments
Meadow Run Apartments features 43 one-bedroom, one-bath units in five, one-story wood-frame buildings. Unit amenities will include patios, ceiling fans and new EnergyStar appliances, including ranges, refrigerators and dishwashers. Renovations will include the expansion of a communal area which will feature a leasing office, common laundry and a community room with 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.