BOSTON, MA - Boston Capital invested in the construction of Henry Williams Townhomes, a 42-unit multifamily development for families in Petersburg, VA. The general partners are PCDC-I, LLC and MARG Rural, LLC. The apartment community is being developed in partnership between T.M. Associates, Inc. and Petersburg Community Development Corporation, Inc.
Situated on nearly seven acres, the development will include 18 two-bedroom and 24 three-bedroom units located in six one and two-story buildings. Community amenities will include a clubhouse with a common room and kitchenette, common laundry and a playground. Unit amenities will include central AC, EnergyStar appliances, including dishwashers, in-unit washers and dryers, ceiling fans, storage, front porches and rear patios.
The development will be EarthCraft certified as "green" as it is projected to consume 30 percent less energy than other newly-constructed properties. Units will be available to families earning 50 percent or less of the Area Median Income (AMI).
"Boston Capital's equity investment in Henry Williams Townhomes adds another outstanding property to our portfolio while offering families in the Petersburg area a superior housing option in terms of unit design and size," said Jeff Goldstein, Chief Operating Officer and Director of Real Estate at Boston Capital. "The close proximity of area services, convenient retail and employment bases will contribute favorably to the desirability of the property."
Henry Williams Townhomes will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in approximately 12,000 units of affordable housing in VA.
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 and economic development and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,450 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 159,000 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.