September 14, 2010 - Boston Capital invested in Toberman Village, a to-be-built, 49-unit development in Los Angeles, CA. The general partner is Los Angeles-based New Economics for Women (NEW), a non-profit organization that develops housing and integrates a comprehensive set of social and educational services and programs including job training, ESL and economic literacy classes.
"We applaud New Economics for Women's efforts to build nurturing and supportive multifamily housing communities for families and we are proud to partner with them in this investment," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "The social and educational services combined with high-quality, safe affordable housing will contribute favorably to the desirability of this apartment community."
Toberman Village will include four one-bedroom, 20 two-bedroom and 25 three-bedroom units in one, three-story building. All units will feature central air, nine-foot ceilings, washers/dryers and patios or balconies. Units will be available to residents at 60 percent or less of the Area Median Income (AMI).
Amenities will include an outdoor pool, community room, business center, exercise room, a secured garage with elevator access, perimeter fencing, a community room, laundry room, a courtyard and tot lots. NEW's adjacent property, which will be accessible from Toberman Village, includes a day care and an after-school learning center. Additionally, residents will receive free services from the Toberman Neighborhood Center which include family emergency assistance, homework assistance, after-school youth programs, a computer lab and skills training and parenting classes.
Toberman Village is located in close proximity to public transportation, healthcare providers, schools, food markets, service stations and fire and police protection. Residents' children enrolled in the nearby Boys and Girls Club will be provided transportation to the club which offers athletic activities, after-school homework assistance, Internet access and computer classes.
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 equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,575 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 162,677 apartments with a development cost in excess of $12 billion. Boston Capital is the largest owner/investor of apartment properties in the US.
For more information:
Allison E. Marino
Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8678
amarino@bostoncapital.com