Boston Capital Invests in Affordable Multifamily Development in Glassboro, NJ
Boston Capital invested in the construction of Whitney Crescent, a to-be-built, 80-unit multifamily development for families located in Glassboro, NJ. The general partner is Community Investment Strategies, Inc. (CIS).
Located on 9.8 acres, Whitney Crescent will include 80 units in eight three-story garden and townhouse-style buildings. The development will feature 52 two-bedroom and 28 three-bedroom units which will include washers and dryers, dishwashers, central air and walk-in storage closets. All units and appliances will be New Jersey Energy Star certified, offering utility cost savings to tenants due to energy-efficient construction.
"Through our long-term partnership with Community Investment Strategies, Whitney Crescent will offer its residents spacious units with modern amenities at affordable prices in the marketplace," said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. "The installation of energy-efficient appliances offers cost-savings to residents while allowing Boston Capital to further increase the sustainability of its portfolio through environment-friendly investments."
The development will offer a playground and a 1,750 square foot community building featuring solar panels. The community building will include a management and leasing office, a maintenance and storage room and a community room with a kitchen. Units will be available to families earning 50 percent or less of the Area Median Income (AMI).
Whitney Crescent will be located in Gloucester County, NJ, approximately 30 minutes south of downtown Philadelphia via the Walt Whitman Bridge. The site will be in close proximity to amenities such as shopping, public transportation, education and community services.
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