Boston Capital has invested in Whitney Crescent, a to-be-built 80-unit multifamily development for families in Glassboro, N.J.
The low-income housing tax credit syndicator provided $15.1 million in equity for the development. The general partner is Community Investment Strategies, Inc.
In addition to 52 two-bedroom and 28 three-bedroom apartments, the property will feature a playground and a 1,750-square-foot community building with solar panels. Units will be reserved for families earning no more than 50 percent of the area median income.
“Through our long-term partnership with Community Investment Strategies, Whitney Crescent will offer its residents spacious units with modern amenities at affordable prices in the marketplace,” said Jeff Goldstein, COO and director of real estate at Boston Capital.
The firm’s holdings include more than 2,575 multifamily properties with about 162,677 apartments in 49 states and the District of Columbia.