BOSTON, MA - Boston Capital invested in the construction of Piedmont Lane Apartments, a 16-unit multifamily development for families in The Plains, VA. The general partner is WHF-II, Inc., an affiliate of The Windy Hill Foundation, Inc. The apartment community is being developed in partnership between T.M. Associates, Inc. and The Windy Hill Foundation, Inc.
Situated on two sites approximately 0.28 miles apart, the development will include seven two-bedroom and nine three-bedroom units located in five one and two-story buildings. Units will be EarthCraft certified as "green," indicating they are projected to consume 75 percent less energy than other newly constructed properties. Units will feature EnergyStar ranges/ovens, refrigerators, dishwashers, disposals, central air conditioning, washers and dryers, ceiling fans, storage, front porches and walk-in closets, as well as geothermal heating and cooling. Units will be available to families earning 50 percent or less of the Area Median Income (AMI).
"Low to moderate-income families in need of high-quality affordable housing in The Plains area will benefit from Boston Capital's investment in Piedmont Lane Apartments," said Jack Manning, president and CEO of Boston Capital. "Additionally, the installation of EnergyStar appliances combined with energy-efficient heating and cooling systems will reduce utility costs for residents and increase the sustainability of Boston Capital's portfolio."
Piedmont Lane Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in nearly 12,000 units of affordable housing in VA.
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 and economic development and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,450 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.