Boston Capital Invests in Affordable Multifamily Development in Harvard, MA
March 23, 2011 - Boston Capital invested in the construction of Bowers Brook Housing for Seniors, a to-be-built, 42-unit multifamily development for seniors located in Harvard, MA. The general partner, Bowers Brook Management, LLP, is a subsidiary of L.D. Russo, Inc., a family-owned construction company based in Harvard.
"Boston Capital's equity investment in Bowers Brook Housing will create high-quality, affordable homes for seniors in Harvard and its surrounding areas," said Jack Manning, President and CEO of Boston Capital. "Available support services and programs will contribute favorably to the desirability of this apartment community, helping seniors with low incomes live independently in their own homes."
Bowers Brook Housing for Seniors will feature 26 one-bedroom and 16 two-bedroom units located in one, three-story building. Units will be available to seniors earning 60 percent or less of the Area Median Income (AMI). Development amenities will include a clubhouse/recreation room and central laundry. Units will feature dishwashers and central air conditioning. Senior services will be provided to tenants by regional senior services agencies.
The development will be located within close proximity to local amenities, offering convenient access to Route 2 and I-495 as well as the Ayer Commuter Rail Station.
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, economic development and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 159,000 apartments with a development cost in excess of $12 billion. Boston Capital is the largest owner/investor of apartment properties in the US.