Boston Capital is investing approximately $9 million in the construction of two affordable apartment communities for families in Wyoming—Capital Court Apartments, a 60-unit development in Cheyenne, and Rock Creek Apartments, a 12-unit development in Wheatland.
These investments represent Boston Capital's fifth and sixth partnerships with Wyoming Housing Network, based in Casper, Wyo., and its development consultant Blueline Development, based in Missoula, Mont.
Capital Court and Rock Creek will be built with low-income housing tax credit equity from Boston Capital. Homes will be available to families earning 55% or less of the area median income.
Capital Court will feature eight one-bedroom, 26 two-bedroom, and 26 three-bedroom units located in two buildings. The apartment community is well located near social services, retail outlets, schools, and public transportation.
Rock Creek will feature four two-bedroom and eight three-bedroom units in a two-story building. The apartment community will be located near Wheatland's downtown area and central business district, as well as retail outlets, schools, a library, and employment opportunities.
"We are extremely pleased to partner with Jim Grenfell and Wyoming Housing Network in these investments which will create 72 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."
To date, Boston Capital has invested in more than 600 apartments in Wyoming.