Boston Capital is investing in the preservation of Spring Street and Johnson Circle, a 64-unit apartment community in Franklin, Tenn. The general partner is the Franklin Housing Authority.
The property will be renovated with the help of $3.3 million in low-income housing tax credit (LIHTC) equity from Boston Capital. Units will be available to families and individuals with incomes at or below 60% of the area median income.
"We are excited to partner with Derwin Jackson and the Franklin Housing Authority team in the preservation of Spring Street and Johnson Circle," said Jack Manning, president and CEO of Boston Capital. "Not only will this investment preserve much-needed affordable housing in Franklin, current residents will benefit from substantial interior and exterior renovations."
The project is Boston Capital's first investment with the housing agency.
Originally built in 1963, Spring Street and Johnson Circle includes 64 garden-style apartments and features 24 one- and two-story residential buildings housing one to six units each. There are four studio, 24 one-bedroom, 17 two-bedroom, 12 three-bedroom, four four-bedroom, and three five-bedroom units. Development amenities include an on-site public housing office and community center as well as a computer room with free internet access. Units will feature dishwashers, washer/dryer hookups, and porches. Additionally, the apartment community offers excellent access to public transportation, schools, and employment opportunities.
The substantial rehabilitation will include repairing and painting the brick exterior; replacing the roofs, gutters, downspouts, windows, and entry doors; and installing new central heat and air systems, including new ductwork. The rehabilitation also will include the installation of new energy-efficient water heaters in all units.
Interior renovations will include the replacement of interior doors, frames, and hardware; the installation of new kitchen base and wall cabinets and countertops, new range hoods, new stainless-steel sinks, new water closets, new bathroom fixtures, including ceramic flooring, and lighting; and the addition of cable TV connections.
Boston Capital's investment in Spring Street and Johnson Circle adds 64 affordable homes to its apartment portfolio. A national LIHTC syndicator and real estate investment and advisory firm, Boston Capital has invested in nearly 4,000 affordable apartments in Tennessee.
