Boston Capital Invests in Affordable Multifamily Development in Portsmouth, VA
January 24, 2011 - Boston Capital invested in Southside Gardens Apartments, a 134-unit multifamily development for families in Portsmouth, VA. The general partner is Maryland-based T.M. Associates, Inc.
"We are pleased to invest in the extensive redevelopment of Southside Gardens Apartments with our partner T.M. Associates," said Jeff Goldstein, Chief Operating Officer and Director of Real Estate at Boston Capital. "Through the installation of EnergyStar appliances, we continue our commitment to affordable sustainable multifamily development while expanding the options available to families with low to moderate incomes in VA."
Located on an eight-acre site, Southside Gardens Apartments will include the rehabilitation of 10, two-story, wood-frame buildings featuring 68 two-bedroom, garden-style units, 50 three-bedroom, townhouse-style units and 16 four-bedroom, townhouse-style units.
Unit renovations will include the installation of EnergyStar appliances, central air conditioning, ceiling fans, energy-efficient split system units, water heaters, kitchen cabinets, countertops, bath and lighting fixtures, vanities, flooring and walk-in storage closets. Community renovations will include the construction of a new laundry facility, a community room with kitchenette, a computer room and a basketball court. Additional renovations will include the installation of on-site management as well as new playground equipment, mailboxes, water meters, roofs, windows, doors and siding.
The proposed rehabilitation will total nearly $44,000 per unit in total construction costs. Southside Gardens Apartments will be available to residents at 50% 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 equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,452 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 158,947 apartments with a development cost in excess of $12 billion. Boston Capital is the largest owner/investor of apartment properties in the US.