BOSTON, MA - Boston Capital is investing in the construction of The Gardens Senior Apartments, a 55-unit multifamily development for seniors in Baton Rouge, LA. The Gardens Senior Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partner is The Humanities Foundation, Inc., a non-profit organization dedicated to increasing the availability of affordable housing through nonprofit housing development, rental and utility assistance, homelessness prevention, advocacy and education, based in Charleston, South Carolina.
"Boston Capital's investment in The Gardens Senior Apartments will provide a newly constructed and affordable property in the Baton Rouge market, targeting low-income seniors who will benefit from the on-site health and social services programs provided by The Humanities Foundation," said Jack Manning, president and CEO of Boston Capital.
The Gardens Senior Apartments will feature 49 one-bedroom and six two-bedroom units in a two-story building. Unit amenities will include central AC, walk-in closets, emergency pull alarms and washers and dryers. Development amenities will include a community room with a kitchenette, business center/computer room, fitness center, gazebo and picnic area. The Humanities Foundation will provide tenants with health services, social, recreational and educational activities, nutritional programs, housekeeping/home chores services and safety and security services. Units will be available to seniors ages 55 and older earning 60 percent or less of the Area Median Income (AMI).
The construction of this property will generate $5.3 million in local income and create approximately 80 jobs in the Baton Rouge area. Boston Capital's investment in The Gardens Senior Apartments adds 55 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in nearly 7,450 units of affordable housing in Louisiana.
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 and energy, 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 $14.3 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.