Boston Capital announced it is investing in the construction of The Millennium, a 164-unit development for families in McKinney, Texas.
The developer is GroundFloor Development, a Dallas-based firm led by Brandon Bolin and Alan McDonald.
The Millennium will be built with low-income housing tax credit (LIHTC) equity and will be available to families and individuals earning 60 percent or less of the area median income (AMI). Thirty-four units will be offered at competitive market rents.
The Millennium represents Boston Capital's third investment with GroundFloor, according to Jeff Goldstein, COO and director of real estate at Boston Capital.
Located 30 miles north of downtown Dallas, the development will consist of seven, four-story buildings offering 48 one-bedroom, 92 two-bedroom and 24 three-bedroom units. The project will feature a clubhouse building with a leasing office, fitness center, business center, media room, community room. and kitchen. Exterior amenities will include a swimming pool, sports court, playground, barbeque grills, and picnic tables.
The construction of this development is estimated to generate $16.9 million in local salaries and create nearly 250 new jobs in the McKinney area. To date, Boston Capital, a LIHTC syndicator and real estate investment firm, has invested in nearly 21,700 units of affordable housing in Texas.