Boston Capital is investing in the construction of Gladstone Apartments, a 60-unit affordable housing development for families in Columbus, Ind.
Under development by Indiana-based RealAmerica Development, Gladstone Apartments will serve families earning 60% or less of the area median income.
"We are excited to partner with Ronda Shrewsbury Weybright and the RealAmerica team, bringing high-quality affordable housing with great amenities to families and individuals in Columbus, a city with a solid job market and growing economy," said Jack Manning, president and CEO of Boston Capital. "Excellent access to employment opportunities, supportive services, retail, health care, and public transportation make this an especially favorable place for families to call home."
Gladstone Apartments will feature two three-story residential buildings offering 12 one-, 36 two-, and 12 three-bedroom units as well as a 2,100-square-foot freestanding community building. Six units will be set aside for families with special needs.
Unit amenities will include dishwashers, washer/dryer units, private patios or balconies, and central air conditioning. Development amenities will include a community room with a kitchen, a computer area, bike racks, a dog park, a barbecue area, and a playground.
In collaboration with local organizations and employers, the development's community building will be used for job interviews and training, job fairs, and any other events that promote employment opportunities.
Boston Capital is investing $8.9 million in low-income housing tax credit (LIHTC) equity in the development. Gladstone Apartments adds 60 affordable homes to the firm’s apartment portfolio.
To date, Boston Capital, a LIHTC syndicator and real estate investment and advisory firm, has invested in nearly 3,100 affordable apartments in Indiana. The firm’s holdings include more than 1,400 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, and Guam, constituting 115,500 apartment homes with a development cost in excess of $20.6 billion.
RealAmerica, a WBE-certified company, was created in 1995 for the purpose of developing and constructing apartment housing through the use of LIHTCs. Building on that experience, RealAmerica expanded into other real estate development, including market-rate apartments, self-storage, business office, and mixed-use developments.