Boston Capital Invests in Affordable Multifamily Development in Stuarts Draft, VA
March 3, 2011 - Boston Capital invested in the construction of Montague Terrace Apartments, a to-be-built, 96-unit multifamily development for families located in Stuarts Draft, VA. The general partner, The Humanities Foundation, Inc., based in South Carolina's Lowcountry, is a non-profit organization dedicated to increasing the availability of affordable housing through nonprofit housing development, rental and utility assistance, homelessness prevention, advocacy and education.
"This investment represents Boston Capital's third partnership with our developer partner The Humanities Foundation," said Jack Manning, president and CEO of Boston Capital. "The location, unit design and amenities offered at Montague Terrace Apartments will attract families to a superior, affordable alternative to housing currently available in the Stuarts Draft area."
Located on 4.8 acres, Montague Terrace Apartments will feature 56 two-bedroom/two-bath units and 40 three-bedroom/two-bath units in four, three and four-story buildings. Development amenities will include a clubhouse with a community room, a kitchen, a common laundry facility and a leasing office, a playground and a BBQ/picnic area. Unit amenities will include dishwashers, central air conditioning, washer/dryer hook-ups and high-speed internet hook-ups. Units will be available to families earning 60 percent or less of the Area Median Income (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 and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,452 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 158,947 apartments with a development cost in excess of $12 billion. Boston Capital is the largest owner/investor of apartment properties in the US.