BOSTON, MA - Boston Capital invested in the rehabilitation of two multifamily apartment communities for seniors in West Virginia: Lowe Gardens Apartments, a 24-unit development in Shepherdstown and Tucker Manor Apartments, a 31-unit development in Parsons. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The general partners are affiliated with T.M. Associates, Inc., based in Maryland along with the Telamon Corporation, a non-profit organization based in North Carolina.
"Boston Capital's long-term relationship with T.M. Associates has resulted in the preservation and creation of 76 affordable multifamily developments in the mid-Atlantic region," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "Substantial interior and exterior renovations will add to the desirability of these apartment communities, and generous unit sizes and attractive amenities will present seniors with an attractive alternative to other apartments currently in the market area."
Boston Capital's investments in Lowe Gardens Apartments and Tucker Manor Apartments add 55 units of affordable housing to its apartment portfolio. The rehabilitation of these properties will generate $1.6 million in local income and create approximately 20 jobs in the Shepherdstown and Parsons areas. To date, Boston Capital has invested in nearly 2,000 units of affordable housing in West Virginia.
Lowe Gardens Apartments
Lowe Gardens Apartments features 24 one-bedroom, one-bath units in two, two-story brick buildings. Community amenities will include common laundry, a community room with a kitchen and a community patio. Unit amenities will include central air conditioning, ceiling fans and the installation of new EnergyStar appliances, including ranges, refrigerators and dishwashers. Units will be available to seniors ages 62 and older earning 60 percent or less of the Area Median Income (AMI).
Tucker Manor Apartments
Tucker Manor Apartments features 30 one-bedroom and one two-bedroom units in one, two-story brick building. Community amenities will include common laundry, a community room with a kitchen and an elevator, which will be added during the renovation. Unit amenities will include patios or balconies, central AC, emergency call buttons, ceiling fans and the installation of new EnergyStar appliances, including ranges, refrigerators and dishwashers. Units will be available to seniors ages 62 and older earning 60 percent or less of the AMI.
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 more than 2,260 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 155,520 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.