Boston Capital announced it is investing in the construction of Tri-Town Landing Phase III, a 32-unit apartment community in Lunenburg, Mass
The development by Great Bridge Properties of Manchester, N.H., will be built with equity from the low-income housing tax credit (LIHTC) program. The apartments will be available to families and individuals earning no more than 60% of the area median income, including eight families whose incomes are at or below 30%.
Phase III will be part of a master 9.23-acre development, which includes the 66-unit Tri-Town Landing Phase I and the 33-unit Tri-Town Landing Phase II. All three tax credit properties will operate as one development upon completion of the latest phase.
“Tri-Town Landing's location in a residential setting in Lunenburg will appeal to residents looking for an affordable, high-quality apartment community,” said Jack Manning, president and CEO of Boston Capital, in a statement. “This development represents Boston Capital's 10th investment with our partners Chris Davies and Bill Caselden."
A LIHTC syndicator, the firm is investing approximately $3.4 million into the project.
Located 40 miles west of Boston, Tri-Town Landing will feature five one-bedroom, 23 two-bedroom, and four three-bedroom units in one three-story building. Units will feature central air conditioning, balconies, and new Energy Star appliances. The apartment community will feature a common laundry room on each of the three floors, a fitness center, a community room with a kitchenette, and a playground. Tri-Town Landing is located within close proximity to retail, public transportation, schools, and recreational facilities.
The construction of Tri-Town Landing is estimated to generate $3.5 million in local salaries and create approximately 36 new jobs in the Lunenburg area. Boston Capital's investment in this development adds 32 affordable homes to its apartment portfolio. To date, the firm has invested in nearly 3,900 affordable apartments in Massachusetts.
