BOSTON, MA - Boston Capital invested in the rehabilitation of Red Oak Apartments, a 116-unit multifamily development for families in Red Oak, TX. The general partner is Highland Property Development, LLC, based in Arcadia, CA.
Red Oak Apartments is comprised of three adjoining existing affordable housing developments. Located on seven acres, the property features 40 one-bedroom and 76 two-bedroom units in 19 one- and two-story buildings. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).
Unit amenities will include central air conditioning, new EnergyStar refrigerators, ranges and microwave/range hoods, ceiling fans, and free high-speed internet access. Community amenities will include a new gated perimeter fence, three common laundry buildings, on-site management, new playground equipment, a sports court and a BBQ/picnic area.
"For over 37 years, we have dedicated ourselves to the creation and preservation of affordable multifamily housing across the US," said Jeff Goldstein, COO and Director of Real Estate at Boston Capital. "We are pleased that our investment in Red Oak Apartments will create environment-friendly improvements while increasing the sustainability of our portfolio through the installation of energy-efficient split system units and EnergyStar appliances."
In addition, the general partner has been working with the City of Red Oak to incorporate the development into the redesign and widening of Red Oak Road, one of the main arteries for the city and the access point for the property. Planned improvements include new street lighting as well as upgraded building materials on street-facing buildings and upgraded fencing and gating.
Red Oak Apartments has been rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in 20,679 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.