Boston Capital announced it is investing in the construction of a 136-unit affordable housing community for seniors in Kennedale, Texas.
The firm will provide $12 million in low-income housing tax credit (LIHTC) equity to Kennedale Senior Apartments, which is being developed by Commonwealth Development of Bryan, Texas, and Lucky B Properties of College Station, Texas.
The development will offer 92 one-bedroom and 44 two-bedroom units in 34 one-story, quadplex buildings. Apartments will include dishwashers, disposals, washer/dryer hookups, patios, emergency pull cords, ceiling fans, and central air-conditioning. Community amenities will include a 3,743-square-foot clubhouse with a community room, a fitness center, a laundry room, conference room, a patio, and storage. Other common amenities will include barbecue grills and picnic areas.
Located 12 miles south of downtown Fort Worth, Kennedale Senior Apartments will have 123 homes available to seniors 55 and older with incomes at or below 60% of the area median income (AMI), including 50 senior households earning no more than 50% of the AMI and 26 senior households earning no more than 30% of the AMI. Thirteen units will be available at market rates, and seven units will be available to residents with special needs.
"With great partners like Commonwealth Development and Lucky B Properties, Boston Capital continues to invest in high-quality affordable housing communities while creating jobs and generating local revenue through LIHTC investments,” said Jack Manning, president and CEO of Boston Capital, in a statement.
To date, Boston Capital, a LIHTC syndicator and real estate investment and advisory firm, has invested in nearly 22,400 apartments in Texas.