Boston Capital recently invested in two affordable housing developments—Toberman Village, a to-be-built 49-unit development in Los Angeles, and Windsor Crescent, a to-be-built 112-unit affordable development in Jackson, N.J.
New Economics for Women (NEW), a nonprofit that develops housing and provides social and educational services, is the general partner in Toberman Village.
“We applaud New Economics for Women’s efforts to build nurturing and supportive multifamily housing communities for families, and we are proud to partner with them in this investment,” said Jeff Goldstein, COO and director of real estate at Boston Capital. “The social and educational services combined with high-quality, safe affordable housing will contribute favorably to the desirability of this apartment community.”
Toberman Village will include four one-bedroom, 20 two-bedroom and 25 three-bedroom units in one, three-story building. All units will feature central air, nine-foot ceilings, washers/dryers, and patios or balconies. Units will be available to residents earning no more than 60 percent of the area median income (AMI).
NEW’s adjacent property, which will be accessible from Toberman Village, includes a day care and an after-school learning center. Additionally, residents will receive free services from the Toberman Neighborhood Center, including family emergency assistance, homework assistance, after-school youth programs, a computer lab, skills training, and parenting classes.
Community Investment Strategies is the general partner in Windsor Crescent.
Windsor Crescent will include 112 units in 14 three-story buildings. The development will feature two- and three-bedroom units. All units will include washers and dryers, dishwashers, central air and walk-in closets.
“Energy-efficient appliances and generous units sizes will contribute favorably to Windsor Crescent’s competitive position in the affordable housing marketplace,” said Jack Manning, president and CEO of Boston Capital.
Units will be available to residents earning no more than 60 percent of the AMI.
Windsor Crescent is partially funded through the Tax Credit Assistance Program.