Boston Capital reported investing $7.7 million in low-income housing tax credit (LIHTC) equity to help construct Maple Grove Commons, an 80-unit apartment community for families in Madison, Wis.
The general partner is Madison-based Oakbrook Corp.
The development will serve families earning 60% or less of the area median income (AMI). Twelve units will be available at market rate and 20 units will be set aside for individuals requiring supportive services, specifically targeting tenants with long-term disabilities and eligible military veterans and their families. Supportive services will be provided by Movin' Out, a nonprofit organization dedicated to helping people with permanent disabilities, and their families, find and maintain housing throughout Wisconsin.
"We are pleased to work with great partners like Michael Morey and the folks at Oakbrook Corp. to bring much-needed housing for families, veterans and individuals with special needs to the Madison community," said Jeff Goldstein, COO and director of real estate at Boston Capital, a LIHTC syndicator. "This property is ideal for families and individuals looking for onsite supportive services and a stellar location near public transportation, retail and recreational facilities."
Maple Grove Commons will feature 34 one-, 33 two-, and 13 three-bedroom apartments in a pair of three-story buildings. Units will have in-unit washers and dryers, central air, dishwashers and extra storage. The development will also include a community room with kitchen facilities, a fitness center, a business center and a large playground area.
Boston Capital's investment in this development adds 80 homes to its apartment portfolio. The real estate investment and advisory firm has invested in approximately 5,730 apartments in Wisconsin.