Boston Capital Invests in Two Affordable Multifamily Developments for Seniors in Maryland
April 19, 2011 - Boston Capital invested in the rehabilitation of Park View at Rosedale Apartments, a 109-unit affordable apartment community for active seniors located in Rosedale, MD and Park View at Randallstown, a 103-unit affordable apartment community for active seniors located in Randallstown, MD. The general partner is Shelter Development, based in Baltimore, MD.
"These developments offer seniors high-quality, affordable housing with enhanced amenities and great locations close to area retail, medical and community services," said Jack Manning, President and CEO of Boston Capital. "We are pleased to be involved in the production of much-needed affordable housing in Maryland, expanding the options available to seniors with low to moderate incomes."
Shelter Partner and Executive Vice President Jeff Hettleman agrees. "We are grateful for the opportunity to work with Boston Capital to renovate and upgrade these two communities in the Baltimore metropolitan area. Since its founding, Shelter has been committed to providing affordable housing to seniors and through innovative partnerships like this one, we are able to fulfill our mission."
Park View at Rosedale Apartments
Located on 6.6 acres, Park View at Rosedale Apartments features 104 one-bedroom and five two-bedroom apartments in one three-story building with an elevator. Units will be available to seniors ages 62 or older earning 60 percent or less of the Area Median Income (AMI).
Community amenties will include controlled building access, an outdoor patio/courtyard, a gazebo, a community room, a beauty salon and a multimedia center. Additional features will include a lounge/game room, an exercise room, transportation services, an elevator and an emergency notification system in each unit.
Renovations will include the installation of new roofs, kitchen cabinets, sinks, fixtures, energy-efficient appliances and low flow toilets as well as the replacement of unit and common area HVAC systems.
Park View at Randallstown Apartments
Located on 5.6 acres, Park View at Randallstown features 103 one-bedroom units in one, three-story building with an elevator. Units will be available to seniors ages 62 or older earning 60 percent or less of the AMI.
Community amenities will include an 1,294 square foot community room with an attached kitchen, a beauty salon, fitness center, central laundry area, resident lounge and library and a computer/activities room. Outdoor amenities will include a courtyard with patio furniture and a BBQ area.
Development renovations will include the installation of new roofs and gutters, new windows, common area flooring, painting, Energy Star lighting and community room improvements. Unit renovations will include the installation of new cabinets, countertops and flooring, Energy Star appliances, new hot water heaters, new HVAC units, Energy Star light fixtures, cabinets and countertops. Accessibility issues will be addressed throughout the building.
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, energy, film, economic development and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 159,000 apartments with a development cost in excess of $12 billion. Boston Capital is the largest owner/investor of apartment properties in the US.
About Shelter Development:
Shelter Development is a Baltimore-based national real estate development company specializing in multi-family and senior living rental communities. The company has developed and acquired a portfolio that contains a broad range of communities, including independent and assisted living communities for seniors, conventional multi-family real estate, and affordable workforce and senior housing. Since its founding in 1977, Shelter has developed and acquired over $1.7 billion of real estate and is known for its ability to create communities that meet the needs of each local market. Shelter has developed 24 Park View communities in Maryland, including Park View at Rosedale and Park View at Randallstown and 32 developments across the eastern United States. For more information on Shelter Development, please visit www.thesheltergroup.com.
For more information:
Allison E. Marino
Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8678
Jeffrey K. Hettleman
Shelter Development
218 N. Charles St.; Suite 220
Baltimore, MD 21201
(410) 962-0595