BOSTON, MA - Boston Capital is investing in the construction of Highlands Apartments, a 59-unit development for seniors located in Boulder, Colorado. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is Boulder Housing Partners, the Housing Authority for the City of Boulder. The development will be the first senior apartment community built in Boulder in more than 30 years.
The construction of Highlands Apartments will generate $5.7 million in local income and create approximately 85 jobs in the Boulder area. Boston Capital's investment in the development adds 59 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in more than 3,200 units of affordable housing in Colorado.
Highlands Apartments will feature 38 one-bedroom and 21 two-bedroom units located in a three-story building. Each unit will feature air-conditioning, a washer and dryer, a dishwasher, a patio or balcony, a walk-in closet, nine-foot ceilings and an emergency call system. Nine units will be handicapped accessible. Additionally, tenants will be provided with a free Boulder Eco Pass for bus service. Units will be available to seniors ages 62 and older earning 60 percent or less of the Area Median Income (AMI).
Community amenities will include a community room with a kitchen, computer and game rooms, lounge areas, a tenant storage area, bicycle racks, a jogging path, a BBQ/picnic area, a community patio and a playground for visiting children. Senior services will be provided to residents via an on-site Resident Services Coordinator who will assist tenants with scheduling doctor and other appointments, scheduling on-site health services provided by visiting doctors and nurses, accessing available senior services in the area and coordinating transportation needs of the tenants. The coordinator will also arrange social activities, available area nutrition programs, counseling and numerous other activities and services.
The apartments are designed to meet the Enterprise Green Communities high performance building criteria and are 60 percent more energy efficient than a code-built structure. In addition to the inclusion of a 100kW roof-mounted solar photovoltaic (PV) array, which will provide electricity for the residents and some of the common areas, additional energy efficiency measures include high performance windows, as well as super-insulated walls, foundations and roof systems.
"Boston Capital strives to build sustainable, environment-friendly, multifamily apartment communities in Colorado and throughout the United States," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "In additional to investing in high-quality affordable housing, we are committed to improving energy efficiency, reducing costs and lessening our environmental impact."
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 $15.1 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.
About Boulder Housing Partners:
Since 1966, Boulder Housing Partners (BHP) has served as the Housing Authority for the City of Boulder. Through its housing programs, BHP provides assistance to nearly 2,000 households and strives to provide homes, create community and change lives. In carrying out its mission, BHP is committed to providing housing to the lowest income members of the Boulder community, fostering a healthy sense of community in every property it develops, and maintaining the affordability for the residents of their developments.