BOSTON, MA - Boston Capital invested in the construction of SilverLeaf at Chandler II, a 44-unit multifamily development for seniors in Chandler, TX. The general partner is Solutions Plus!, Inc., based in Mabank, TX.
The development will include 20 one-bedroom and 24 two-bedroom units located in 22 duplex buildings. In additional to a community room and central laundry area, the developer will arrange for support services for residents including basic adult education, legal assistance, credit counseling and health and nutritional courses.
"Boston Capital's investment in SilverLeaf at Chandler II will provide a newly constructed and affordable property, targeting low-income senior households in an attractive neighborhood with a wide range of community services and amenities nearby," said Jeff Goldstein, COO and Director of Real Estate at Boston Capital.
Units will be available to seniors ages 55 or older earning 60 percent or less of the Area Median Income (AMI). SilverLeaf at Chandler II will adjoin the 30-unit first phase of Silverleaf, which is fully leased. Construction will be completed in April 2012.
SilverLeaf at Chandler will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has developed 20,769 units of affordable housing in TX.
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 $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.