Boston Capital Invests in Affordable Multifamily Development for Seniors in St. Francis, WI
February 1, 2011 - Boston Capital invested in Sacred Heart Senior Apartments, a 68-unit multifamily development for seniors located in St. Francis, WI. The general partners are MHT Housing, Inc., based in Bingham Farms, MI, and VSL Construction, based in Novi, MI.
"Boston Capital, MHT Housing, and VSL Construction are committed to the creation of high-quality affordable housing for seniors and families," said Jack Manning, President and CEO of Boston Capital. "Boston Capital's investment in Sacred Heart Senior Apartments adds another outstanding property to our portfolio while offering a superior housing option in terms of unit design and amenities to seniors in St. Francis and its surrounding communities."
Sacred Heart Senior Apartments will include 41 one-bedroom, 23 two-bedroom/one-bath and four two-bedroom/two-bath units. Apartment amenities will include washers/dryers, dishwashers, microwaves and high-speed internet access (included in the rent). Development amenities will include on-site management, an elevator, secure building entry, a community room, an exercise room, garage parking, an emergency call system, a computer/business center, a beauty/barber salon, storage, a library and a chapel.
Sacred Heart Senior Apartments will be constructed on the site of an existing Catholic church and a former Catholic school which occupy one structure. The structure will be adapted to house a smaller church and shared common space on the first floor, with 22 apartment units on the second and third floors. A new structure housing 46 additional units will be constructed adjacent to the existing building. Located on 2.5 acres, Sacred Heart Senior Apartments will serve residents aged 60 and older with incomes at 60 percent 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.