Boston Capital announced it is investing in the rehabilitation of The Aspen Country Inn, a 40-unit apartment community primarily for seniors in Aspen, Colo.
The development, in which Boston Capital invested in 1999, will be rehabilitated with equity from the sale of low-income housing tax credits (LIHTCs). The firm is investing approximately $6.2 million in housing credit equity to help finance the effort.
The general partners are the city of Aspen and the Aspen Pitkin County Housing Authority. Homes will be available to residents earning no more than 50% of the area median income. Although there is no senior set-aside requirement, the units serve primarily seniors either working in or retired from Pitkin County.
"Boston Capital is excited to continue our longtime partnership with Don Taylor, Mike Kosdrosky and the folks at the city of Aspen and the Aspen Pitkin County Housing Authority in the rehabilitation of The Aspen County Inn, which has been a part of our portfolio since 1999," said Jack Manning, president and CEO of Boston Capital. "The substantial renovation of this development will result in an attractive affordable apartment community in the highly desirable Aspen market."
The Aspen Country Inn features 40 studio, one- and two-bedroom units located in two buildings. The rehabilitation includes total roof replacement, repair or replacement of siding and exterior doors, replacement of common-area boilers and individual HVAC units, new water heaters, new plumbing and electrical fixtures, new kitchen/bath cabinets and countertops, and new appliances. Common-area amenities include two laundry rooms, a common room with a reading room, an exercise room, meeting rooms and a large outside community patio. Unit amenities will include new EnergyStar ranges, refrigerators, and dishwashers. The apartments have individual patios or balconies.
To date, Boston Capital has invested in nearly 4,000 apartments in Colorado.