BOSTON, MA - Boston Capital invested in the rehabilitation of Amanda Park Senior Apartments, a 397-unit multifamily apartment development located in Murrieta, CA and the construction of Vintage Chateau II, a 68-unit multifamily apartment development located in Petaluma, CA. The general partner is California-based USA Properties Fund, Inc., a privately owned real estate development organization specializing in the development, construction and management of senior and family communities. To date, Boston Capital has invested in nearly 11,000 units of affordable housing in CA.
Amanda Park Senior Apartments (Murrieta, CA)
The existing 25-building development is located on 19 acres and features 200 one-bedroom and 197 two-bedroom units. The rehabilitation will also include the expansion of a 6,652 square foot clubhouse containing a leasing office, community room, fitness center, beauty salon, billiards room, community kitchen and an adjoining pool and spa area.
The rehabilitation of Amanda Park Senior Apartments will focus on reducing utility consumption by installing solar thermal and photovoltaic systems, advanced landscape irrigation systems and other green measures. Additional efforts will include updating the individual units, building exterior painting and clubhouse upgrades.
"Boston Capital strives to build sustainable, environment-friendly, multifamily apartment communities in CA and throughout the US." said Jeff Goldstein, Chief Operating Officer and Director of Real Estate at Boston Capital. "In additional to investing in high-quality affordable housing, we are committed to improving energy and water efficiency, reducing costs and lessening our environmental impact."
Amanda Park Senior Apartments will be available to seniors ages 55 and older. Following the completion of the rehabilitation, the property will have 336 tax credit units at 50 percent and 60 percent of the AMI, 30 units at 80 percent of the AMI and 27 market rate apartments.
Amanda Park Senior Apartments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program and will result in the creation of approximately 42 construction and 18 long-term local jobs in the Murrieta area.
Vintage Chateau II (Petaluma, CA)
Vintage Chateau II will include 54 one-bedroom and 14 two-bedroom units located in one-three story building. Units will feature central air, garbage disposals, dishwashers, and patio/balcony with storage. Development amenities include a 2,458 square foot clubhouse featuring a lobby, leasing offices, kitchen, covered patio with a jacuzzi, fitness center and a computer lab. Residents will also have access to the pool at Phase I of Vintage Chateau.
Units will be available to seniors ages 55 or older earning 60 percent or less of the Area Median Income (AMI). The development is being constructed utilizing "Build It Green" building standards to promote integrated communities, energy and water conservation, resource conservation and healthier indoor environments.
"The property appeal, amenity package and convenient location of Vintage Chateau II will contribute to its competitive position in its marketplace," said Goldstein. "The construction of Vintage Chateau and the rehabilitation of Amanda Park Senior Apartments are indicative of the outstanding environment-friendly products Boston Capital and USA Properties Fund continue to bring to the multifamily housing marketplace."
Vintage Chateau II will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program and will result in the creation of approximately 96 jobs in the Petaluma area.
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.