Boston Capital announced it is investing approximately $10.6 million in the rehabilitation of two affordable housing communities for seniors in Melbourne, Fla.

The deal with Preservation of Affordable Housing (POAH) involves Trinity Towers South, a 162-unit development, and Trinity Towers East, a 156-unit development.

Renovations at Trinity Towers South will include the remodeling of nine units to full accessibility, with four equipped for the hearing and vision impaired. Interior renovations will include replacement of kitchen and bath cabinets/countertops, sinks, cooktops, flooring, and light fixtures in 78 units. All units will receive new low-flow plumbing fixtures, shower head and valves, toilets, bedroom ceiling fans, new HVAC systems, and new nurse-call systems in bedrooms. Elevators will be upgraded and accessibility upgrades will be made to the common area. Exterior improvements will include new thermoplastic polyolefin roofing, new hurricane impact-rated windows, repainting of stucco exterior, repaved parking and drives, and lighting upgrades.
Renovations at Trinity Towers South will include the remodeling of nine units to full accessibility, with four equipped for the hearing and vision impaired. Interior renovations will include replacement of kitchen and bath cabinets/countertops, sinks, cooktops, flooring, and light fixtures in 78 units. All units will receive new low-flow plumbing fixtures, shower head and valves, toilets, bedroom ceiling fans, new HVAC systems, and new nurse-call systems in bedrooms. Elevators will be upgraded and accessibility upgrades will be made to the common area. Exterior improvements will include new thermoplastic polyolefin roofing, new hurricane impact-rated windows, repainting of stucco exterior, repaved parking and drives, and lighting upgrades.

Both properties will be renovated with low-income housing tax credit (LIHTC) equity provided by Boston Capital, a longtime LIHTC syndicator and real estate investment firm. The company partnered with POAH on the renovation of the 192-unit Trinity Towers West in 2015.

POAH acquired the Trinity properties from Holy Trinity Episcopal Church in June 2013. The acquisition by the Boston-based nonprofit allowed Holy Trinity to fulfill its mission in other areas while preserving these affordable housing resources from being lost to the market. Trinity Towers West was the first of the properties to close on equity and construction financing. Florida Housing Finance Corp. awarded the property 9% LIHTCs, which were syndicated by Boston Capital with Citi Community Capital as the investor.

Trinity Tower South Apartments features 130 studios and 32 one-bedroom units in a four-story building. Nine units will be remodeled to provide full accessibility, with four equipped for the hearing and vision impaired.

Trinity Towers East Apartments features 52 studios and 104 one-bedroom units in a 14-story building. Eight units will be remodeled to provide full accessibility, with four units equipped for the hearing and vision impaired.POAH will also make other extensive interior and exterior renovations at both properties.

"We are excited to once again partner with Preservation of Affordable Housing to upgrade Trinity Tower South and East, which serve Melbourne's seniors in need of affordable homes," said Jack Manning, president and CEO of Boston Capital. "The substantial renovation of these developments will produce two attractive affordable apartment communities in the highly desirable Melbourne market."

Residents benefit from the buildings' locations within walking distance of downtown Melbourne, close to public transportation, retail services, and restaurants.

Boston Capital's investments in these developments adds 318 homes to its apartment portfolio. To date, Boston Capital has invested in more than 8,000 apartments in Florida.