Boston Capital is investing in the development of Alborada Apartments, a 127-unit affordable housing development for families in Tucson, Ariz.
The $17 million low-income housing tax credit (LIHTC) investment is Boston Capital's sixth partnership with Tucson-based La Frontera Partners.
"With our good friend and partner Daniel Ranieri and the folks at La Frontera, we are excited to be involved in creating much-needed affordable housing for families in Tucson," said Jack Manning, president and CEO of Boston Capital. "During this unprecedented health and economic crisis, it's more important than ever that we continue to invest in affordable housing and help address the affordable housing shortage in Tucson and across the country."
Alborada Apartments will be a scattered-site development at four newly constructed locations. The community will feature six studio, 59 one-, 21 two-, and 41 three-bedroom units in various structures, including single-story buildings, two-story walk-up buildings, a three-story elevator building, and single-family homes. Thirty percent of the units will feature a preference toward families with children. The homes will serve residents earning up to 60% of the area median income.
Design features for households with children include three-bedroom units featuring two full baths and larger kitchen and living areas as well as a community basketball hoop and playground.
Apartments will feature major kitchen appliances, including dishwashers. Development amenities will include off-street parking, community laundry (except at locations where in-unit washers and dryers are supplied), and on-site management office. Residents will have the opportunity to share community center facilities, playgrounds, picnic areas, and sports facilities at La Frontera Partners' nearby apartment communities.
Alborada Apartments will be located near public transportation, shopping, supportive services, schools, and employment opportunities.
To date, Boston Capital, a LIHTC syndicator and real estate investment and advisory firm, has invested in nearly 3,500 affordable apartments in Arizona and more than 500 units in Tucson.