Boston Capital announced it is investing $7.1 million in low-income housing tax credit (LIHTC) equity to help rehabilitate Kingman Heights Apartments and Amy Neal Retirement Center, two existing Sec. 8 apartment communities in Kingman, Ariz.
The developments, which are located 1.6 miles apart, feature 57 affordable units for seniors 62 and older.
The general partner is the Foundation for Senior Living (FSL), a nonprofit focused on providing seniors with services to age in place. Homes will be available to seniors earning no more than 60% of the area median income (AMI). This investment represents Boston Capital's sixth partnership with FSL.
"Boston Capital is excited to partner with Thomas Egan and FSL in the rehabilitation of Kingman Heights Apartments and Amy Neal Retirement Center, serving Kingman's seniors in need of affordable homes," said Jack Manning, president and CEO of Boston Capital, in a statement. "Residents of these two outstanding properties will benefit from substantial interior and exterior renovations. Additionally, the seniors will enjoy a close proximity to retail, employment, and medical services in Kingman."
Kingman Heights features seven one-story buildings containing 33 one-bedroom units and a community building. Amy Neal Retirement Center features four one-story buildings containing four studios and 20 one-bedroom units and a community building. After the rehabilitation, units will feature central air conditioning, blinds, ceiling fans, microwaves, and patios. Improvements will also feature the installation of new smoke detectors, windows, doors, flooring, cabinets, kitchen appliances, and roll-in showers.
Post-renovation, each property's community amenities will include on-site management, a part-time resident services coordinator, a community room, a laundry room, a BBQ area, a multimedia center, and carports.
Boston Capital's investment in this development adds 57 homes to its apartment portfolio. To date, the LIHTC syndicator and real estate investment firm invested in more than 3,000 apartments in Arizona.