Phillips Development Corp. (PDC) is developing The Heights at Seneca Apartments, a 61-unit affordable housing development for families in Hot Springs, Ark., with the help of a $7.2 million investment from Boston Capital.

This investment represents Boston Capital's 33rd partnership with PDC, based in Little Rock, Ark. The new community will serve families earning 60% or less of the area median income.

Jeff Goldstein
Jeff Goldstein

Located on 9.72 acres, The Heights at Seneca Apartments will feature six three-story residential buildings offering 24 two-bedroom and 37 three-bedroom units. Unit amenities will include dishwashers, central heating and air conditioning, ceiling fans, and walk-in closets. Development amenities will include a community room featuring a computer lab, on-site management, a picnic area, and a playground. Residents will benefit from a close proximity to public transportation, medical facilities, schools, and other services.

"We are excited to team up with our longtime partner and friend Amanda Raible and the folks at PDC Cos. in the construction of 61 affordable homes for families in the desirable Hot Springs area," said Jeff Goldstein, chief operating officer and director of real estate at Boston Capital. "A solid job market and a growing economy are creating a strong demand for affordable housing in the Hot Springs market, and we're eager to address this demand and help families in need of quality housing."

The Heights at Seneca Apartments will be built with low-income housing tax credit equity from Boston Capital, which has invested in more than 700 affordable apartments in Arkansas.