BOSTON, MA - Boston Capital is investing in the construction of two multifamily apartment communities for families in Danvers, Massachusetts: Conifer Hill Commons, Phase I, a 48-unit development and Conifer Hill Commons, Phase II, a 42-unit development. The developments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is Kavanagh Advisory Group, LLC, based in Danvers, MA.
"Boston Capital's equity investments in Conifer Hill Commons Phases I and II add two outstanding properties to our portfolio while offering families much-needed, quality affordable housing in the Danvers area," said Jack Manning, president and CEO of Boston Capital. "Attractive amenities and great locations close to community services, retail, schools, and healthcare facilities will contribute favorably to the desirability of these properties."
The construction of this property will generate $9.2 million in local income and create approximately 136 jobs in the Danvers area. Boston Capital's investment in Conifer Hill Commons adds 90 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in more than 4,100 units of affordable housing in Massachusetts.
Conifer Hill Commons, Phase I
Located on 5.6 acres, Conifer Hill Commons, Phase I will feature 12 one-bedroom, 30 two-bedroom and six three-bedroom units located in three, three-story buildings. Units will include central heating and air conditioning and dishwashers. The development will offer walking trails, a playground area, 106 outdoor parking spaces, a central laundry facility and a community room. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).
Conifer Hill Commons, Phase II
Conifer Hill Commons, Phase II will feature nine one-bedroom, 27 two-bedroom and six three-bedroom units in three, three-story buildings. Units will feature central heating and air conditioning. Phase II will include a playground, 78 outdoor parking spaces, a central laundry facility and a community room which will be shared with Phase I. Residents will have unlimited access to common facilities, including a playground, being constructed with Phase I. Units will be available to families earning 60 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 more than 2,260 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 155,520 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.