Boston Capital is investing in the developer of Converse Place Apartments, a 72-unit apartment community for families in Cheyenne, Wyo. The developer partner is Summit Housing Group, based in Missoula, Mont.
Converse Place will be built with low-income housing tax credit (LIHTC) equity and will serve families earning 55% or less of the area median income.
Located on nearly eight acres, the development will include 12 one-bedroom, 40 two-bedroom, and 20 three-bedroom units in three garden-style buildings. Unit amenities will include central air conditioning, ceiling fans, dishwashers, extra storage, and washers and dryers. The apartment community will feature a 1,200-square-foot community building offering a community room with a kitchen, as well as a children's play area, an outdoor barbecue area, and 108 parking spaces.
The development is located near shopping, banking, dining, recreation, schools, and employment opportunities.
"Converse Place Apartments represents our 13th investment with our partner and good friend Scott Long and the Summit Housing Group," said Jack Manning, president and CEO of Boston Capital. "The apartment community will benefit from a desirable location with excellent visibility in a newly developing area in Cheyenne, and we are excited to be part of the team bringing high-quality affordable housing with great amenities to families and individuals in that area."
Boston Capital's $9.2 million LIHTC investment in this development adds 72 affordable homes to its apartment portfolio. To date, Boston Capital has invested in 22 affordable apartment communities in Wyoming totaling nearly 700 units.