Boston Capital announced it is investing in the construction of two affordable apartment communities for families: Copper Wood, a 228-unit development in Lacey, Wash., and Copper Range, a 240-unit development in Colorado Springs, Colo.
These investments represent the firm’s fourth and fifth partnerships with the Inland Group, a Spokane, Wash.–based developer. Inland's portfolio of over 7,000 apartment units is primarily comprised of affordable and senior apartment communities.
Copper Wood Apartments and Copper Range will be built with low-income housing tax credit (LIHTC) equity. As a result, the homes will be available to families earning no more than 60% of the area median income (AMI).
"We are excited to partner with Darin Davidson in these investments, which will create 468 affordable homes for families," said Jack Manning, president and CEO of Boston Capital. "Both apartment communities are located in competitive markets and feature strong unit designs and amenity packages, which will attract families in need of quality affordable housing."
A LIHTC syndicator and real estate investment and advisory firm, Boston Capital is providing $32 million in housing credit equity to the two projects.
Copper Wood, located two miles east of Olympia, will feature 48 one-bedroom, 124 two-bedroom, 44 three-bedroom, and 12 four-bedroom units located in nine three- and four-story garden style buildings on nearly 10 acres. Forty-six units will be set aside for large households, and 46 units will be set aside for households with disabilities. Community amenities will include a leasing office, a community room with kitchen, a business center, an exercise room, and a playground. Units will feature dishwashers, patios or balconies, exterior storage, and full-size washers and dryers.
Located 10 miles northeast of downtown Colorado Springs, Copper Range will feature 48 one-bedroom, 140 two-bedroom, and 52 three-bedroom units in 10 three- and four-story garden-style buildings on 13.2 acres. Seventeen units will be targeted to households at 50% or less of the AMI. Community amenities will include a leasing office, a community room with a kitchen, an exercise room, a business center, and a playground. Units will feature dishwashers, exterior storage, patios or balconies, and full-size washers and dryers.
Boston Capital's investments in these developments add 468 affordable homes to its apartment portfolio. To date, the company has invested in more than 4,200 affordable apartments in Colorado and more than 4,700 affordable apartments in Washington.
