Boston Capital announced it is investing in the construction of a 262-unit apartment community for individuals and families in Gilroy, Calif.
Alexander Station is being developed by The Pacific Cos., a prominent affordable housing developer headquartered in Eagle, Idaho.
The community will be built with tax credit equity from the low-income housing tax credit (LIHTC) program. A LIHTC syndicator, Boston Capital is investing approximately $41.5 million into the development of the community.
Homes at Alexander Station will be available to families and individuals earning no more than 60% of the area median income (AMI). Twenty-seven units will be available to families with incomes at or below 50% of the AMI.
"Alexander Station represents Boston Capital's 30th investment with our friend Caleb Roope of The Pacific Cos.," said Jeff Goldstein, COO and director of real estate at Boston Capital. "The apartment community's stellar location and competitive amenity package will appeal to families looking for affordable, high-quality homes."
Located on 6.65 acres, the development will feature 18 one-bedroom, 110 two-bedroom, 102 three-bedroom, and 32 four-bedroom units in a pair of five-story buildings. Unit amenities will include energy-efficient appliances; washer/dryer hookups; storage; patios or balconies; and central air conditioning.
Alexander Station will be located within one mile from the center of Gilroy, which features a vibrant downtown with shops and restaurants. The development will also be near additional community facilities, including schools, a library, a post office, public transportation, and retail centers.
The construction of Alexander Station will generate an estimated $28.3 million in local salaries and create nearly 300 jobs in the Gilroy area, according to Boston Capital. To date, Boston Capital, a real estate investment and advisory firm, has invested in nearly 13,860 affordable apartments in California.