Boston Capital announced it is investing in the rehabilitation of Skyline Crest Apartments, a 137-unit apartment community for families in Vancouver, Wash. The general partner is the Vancouver Housing Authority.
Skyline Crest Apartments will be rehabilitated with approximately $10.3 million in low-income housing tax credit equity from Boston Capital.
Located within the Vancouver Heights neighborhood, Skyline Crest Apartments features 40 one-bedroom, 29 two-bedroom, 54 three-bedroom and 14 four-bedroom homes in 55 one-story buildings. Units are equipped with heat pumps enabling heating and air cooling, washer/dryer hookups, and storage areas. The homes are reserved for families earning up to 60% of the area median income.
Development amenities include a playground and a proposed health-care facility. The apartment community is within close proximity to the new Bridgeview Education and Employment Resource Center and an adjacent Boys & Girls Club, as well as a community aquatic center.
Improvements to the community will include structural rehabilitation, exterior finishing, water infiltration detailing, and upgraded patios.
Homes will benefit from new flooring, windows, doors, lighting, bath and laundry exhaust fans, smoke detectors, hot water heaters, and kitchen and bathroom countertops. The rehabilitation will also include interior and exterior painting.
The rehabilitation will generate nearly $8.3 million in local salaries and create nearly 89 new jobs in the Vancouver area, estimated Boston Capital. The company’s investment in the development adds 137 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 4,000 affordable apartments in Washington.