Boston Capital is investing in the construction a 128-unit apartment community for families in Dulles, Va.
The developer partners include North Carolina-based Flatiron Partners, Van Metre Stone Springs Apartment Investment, and Good Works.
Stone Springs Apartments will include 32 one-bedroom, 84 two-bedroom, and 12 three-bedroom units in two four-story, newly constructed, elevator-serviced buildings. Unit amenities will include central heating and air conditioning, refrigerators, dishwashers, microwave ovens, full-sized washers and dryers, and ceiling fans. A 2,992-square-foot clubhouse/office building will feature a community room, a business center, a grilling area, and a playground. The apartment community is well located with excellent access to the area's shopping, health care, employment, public schools, recreation, community services, and secondary educational opportunities.
Boston Capital is providing low-income housing tax credit equity. Loudoun County will provide a $3 million Housing Trust Fund loan. Located 25 miles west of Washington, D.C., Stone Springs Apartments will serve families earning 60% or less of the area median income (AMI).
"Stone Springs Apartments, our fifth investment with Hollis Fitch and Charles Irick of Flatiron Partners, will bring high-quality affordable housing with great amenities to 128 families and individuals in Dulles, a suburb of Washington, D.C., with an expanding economy and significant population growth," said Jack Manning, president and CEO of Boston Capital. "A competitive amenity package and an ideal location near community services make this an especially favorable place for families to call home."