Boston Capital Invests in Affordable Multifamily Development for Seniors in Deer Park, TX
April 11, 2011 - Boston Capital invested in the construction of Providence Town Square Apartments, a to-be-built, 188-unit multifamily development for seniors located in Deer Park, TX. The general partner is Providence Town Square Housing, Ltd, and the General Contractor is Blazer Building, Inc. based in Houston, TX. To date, Boston Capital has invested in more than 20,600 units of affordable housing in TX .
"Boston Capital and Blazer Building are committed to helping seniors with low incomes live independently in affordable, high-quality housing," said Jeff Goldstein, Chief Operating Officer and Director of Real Estate at Boston Capital. "Boston Capital's equity investment in Providence Town Square Apartments adds another outstanding property to our portfolio while offering seniors in Houston and its surrounding communities a superior housing option in terms of unit design and amenities."
Located on 6.8 acres, the Providence Town Square Apartments will offer 133 one-bedroom and 55 two-bedroom units. Units will feature nine foot ceilings, ceiling fans, emergency call systems, dishwashers, washer/dryer hook-ups and patios or balconies.
Development amenities will include a 10,560 square foot three-level common area featuring an outdoor lap pool, community room, media room, businesses center and exercise room. The development is located within close proximity to a supermarket, drugstore, medical facilities and senior services. The property will be available to seniors ages 55 and older at 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, 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.