BOSTON, MA - Boston Capital is investing in the construction of Pearl Place II, a 54-unit multifamily development for families in Portland, ME. Pearl Place II will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is Pinecone Housing Corporation, a for-profit subsidiary of Avesta Housing Development Corporation, based in Portland, ME.
"Boston Capital's investment in Pearl Place II will provide a newly constructed and affordable property in the Portland market, targeting low-income families in an urban location with a wide range of community services and amenities nearby," said Jack Manning, president and CEO of Boston Capital.
Located in downtown Portland, Pearl Place II will feature 26 one-bedroom, 17 two-bedroom and 11 three-bedroom units in one, five-story building. The development will include an elevator, a community room with a computer area, central laundry and on-site resident services. Units will be available to families earning 60 percent or less of the Area Median Income (AMI). Approximately 11 units will be reserved for homeless or displaced residents.
Pearl Place II will adjoin the 60-unit first phase of Pearl Place, which is fully leased and located in Portland. Pearl Place II's urban location will provide residents with excellent access to public transportation routes, shopping, schools, services and employment opportunities.
The construction of this property will generate $3.9 million in local income and create approximately 82 jobs in the Portland area. To date, Boston Capital has invested in approximately 315 units of affordable housing in Portland and more than 2,320 units of affordable housing in Maine.
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 nearly 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 157,425 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.
About Avesta Housing Development Corporation
Located in Portland, ME, Avesta Housing is a non-profit corporation whose mission is to promote and provide housing opportunities primarily for Southern Maine people in need. Avesta advocates for affordable housing, develops and manages high-quality housing, and helps residents access other needed services. Founded in 1972, Avesta has grown to become one of the country's most innovative and respected leaders in affordable housing. Avesta currently maintains a portfolio of over 1,700 housing units and today is one of the largest non-profit developers of affordable housing in New England.