Boston Capital announced that it is investing in the renovation of four affordable apartment communities in Virginia with Flatiron Partners.
The properties—Brookshire Apartments, a 64-unit development in Bassett; Harmony Village Apartments, a 42-unit development in Galax; Lakewood Apartments, a 52-unit development in Clarksville; and Milnwood Village Apartments, a 40-unit development in Farmville—will be renovated with more than $12 million in low-income housing tax credit equity provided by Boston Capital.
"We are excited to continue our partnership with Hollis Fitch and Charles Irick of Flatiron Partners to upgrade these four apartment communities, which serve seniors and families in need of affordable homes in Virginia," said Jack Manning, president and CEO of Boston Capital, in a statement. "Residents of these four outstanding properties will benefit from sustainable and substantial interior and exterior renovations."
The properties serve families and seniors earning no more than 60% of the area median income.
Following the renovations, all four developments will be EarthCraft Platinum certified, a green building certification program that aims to combat the climate, water, and energy challenges of the Southeast through green and sustainable construction.
Boston Capital's investments in these developments add 198 affordable homes to its apartment portfolio. To date, the firm has invested in nearly 16,000 affordable apartments in Virginia.
Based in Charlotte, N.C., Flatiron Partners is a real estate development firm specializing in affordable housing. It is developing 12 affordable housing projects in the Carolinas, Georgia, and Virginia. Flatiron and its affiliates have previously developed more than 40 communities in Florida, Maryland, North Carolina, South Carolina, Tennessee, Texas, and Virginia. Flatiron Partners is owned by Fitch Irick Partners, one of the largest companies specializing in the development, management, and ownership of affordable housing in the Southeast.
