Boston Capital announced it is investing in the construction of two affordable apartment communities for individuals and families in San Diego: Cielo Carmel Phase I, a 107-unit development and Cielo Carmel Phase II, a 90-unit development.
Affirmed Housing Group of San Diego is the developer.
Both apartment communities, which will be built with low-income housing tax credit (LIHTC) equity, are part of the 2,652-acre master planned Pacific Highlands Ranch Community development. Cielo Carmel Phases I and II will be available to families and individuals earning 60% or less of the area median income.
Boston Capital is providing approximately $10.4 million in LIHTC equity for Cielo I and $9 million in LIHTC equity for Cielo II.
"Great developer partners like Jim Silverwood and Affirmed Housing combined with a strong market, a superb location and competitive amenities attracted Boston Capital to these investments in San Diego," said Jack Manning, president and CEO of Boston Capital, in a statement. "Additionally, both newly constructed developments will have a positive impact on the San Diego economy through the creation of jobs and the generation of local revenue."
Phase I will feature 18 one-, 53 two-, and 36 three-bedroom units on nearly six acres. Cielo Carmel Phase II will feature 15 one-, 45 two-, and 30 three-bedroom units on 3.75 acres. Both apartment communities will share a 2,355-square-foot community building with kitchen, three tot-lots, a dog park, a community garden, and three common laundry facilities. The two- and three-bedroom units will feature attached garages, and all units will include dishwashers, microwaves, central air conditioning, and patios or balconies. The apartment community will be located within close proximity to public schools, retail services, and local transportation.
The construction of these developments will generate more than $21 million in local salaries and create nearly 225 new jobs in the San Diego area. Boston Capital's investments in the developments add 197 affordable homes to its apartment portfolio. To date, the company has invested in approximately 14,060 affordable apartments in California.