Boston Capital Invests in Affordable Multifamily Development in Chesapeake, VA
October 25, 2010 – Boston Capital invested in Maplewood Apartments, a 320-unit multifamily development for families in Chesapeake, VA. Boston Capital provided the tax credit equity for the development and partnered in the rehabilitation with Castle Development Partners, LLC.
"Substantial interior and exterior renovations, including the installation of water and energy-efficient appliances, will add to the desirability of Maplewood Apartments," said Jack Manning, president and CEO of Boston Capital. "Boston Capital is pleased to partner with Castle Development Partners in this rehabilitation and meet a demand for sustainable, environment-friendly, multifamily apartment communities in the Chesapeake housing market."
Located on a 23.6-acre site, Maplewood Apartments will include the rehabilitation of 40 two-story buildings featuring 280 two-bedroom and 40 three-bedroom units. Interior renovations will include the installation of high-efficiency washers and dryers, new kitchen appliances, interior doors, cabinets and carpeting. Exterior improvements will include rehabilitated roofs, parking lots and playgrounds as well as the installation of new vinyl siding, pitched roofs over apartment entrances and increased insulation. New Energy-star rated water heaters will also be installed.
The proposed rehabilitation will total nearly $90,000 per unit in construction costs. Maplewood Apartments will be available to residents at 60 percent or less of the Area Median Income (AMI). The property's convenient location to military, tourism, manufacturing, technology, and port activities, as well as its close proximity to public transportation, healthcare providers and schools, provides an excellent opportunity to serve the demand for multifamily housing in the area.
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 equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,575 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 162,677 apartments with a development cost in excess of $12 billion. Boston Capital is the largest owner/investor of apartment properties in the US.
For more information:
Allison E. Marino
Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8678