Boston Capital is investing in the construction of a 140-unit apartment community for families in Longmont, Colo.
Developed by Missoula, Mont.-based Summit Housing Group, Centennial Park Apartments will serve households earning no more than 60% of the area median income. Boston Capital, a low-income housing tax credit (LIHTC) syndicator, is investing $10.4 million in the development.
"Centennial Park Apartments represents our 11th investment with our partner and good friend Scott Long and the Summit Housing Group," said Jack Manning, president and CEO of Boston Capital, in a statement. "We are excited to be part of the team bringing high-quality affordable housing with great amenities to families and individuals in Longmont and its surrounding communities."
Centennial Park Apartments will offer 14 one-bedroom, 66 two-bedroom, 46 three-bedroom, and 14 four-bedroom apartments in 13 two- and three-story residential buildings. Units will feature central air conditioning, a storage closet, a coat closet, a patio/balcony, and in-unit washers/dryers. Community amenities will include a clubhouse with a community room, a fitness center, and a computer center. There will also be a playground, a community garden, and a picnic area. Adult education and parenting classes will be offered at no cost to residents.
The apartment community is well located in a residential neighborhood with excellent access to public transportation, schools, community facilities, and retail services. Residents will also have access to a recreational center with a pool and two supermarkets.
Boston Capital's investment adds 140 homes to its apartment portfolio. To date, the real estate investment and advisory firm has invested in more than 4,000 apartments in Colorado.