Boston Capital is investing in the construction of Constitution Court Apartments Phase II, a 72-unit apartment community for individuals and families in Copperas Cove, Texas. The general partners are Commonwealth Development, Inc. and KJK Enterprises LLC, based in Bryan, Texas.
The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Homes will be available to individuals and families earning 60 percent or less of the area median income (AMI). Constitution Court Apartments will be the second phase of an existing 108-unit tax credit development constructed in 2011, which was financed with Tax Credit Exchange Program funds.
The apartment community will feature 20 one-bedroom/one-bath, 32 two-bedroom/two-bath and 20 three-bedroom/two-bath units in six, two-story garden-style buildings. Units will feature nine-foot ceilings, storage, washer/dryer connections, dishwashers, ceiling fans and patios/balconies. Community amenities will include a playground, a gazebo and a BBQ/picnic area. In addition, Constitution Court Apartments will share amenities constructed as part of Phase I, including a clubhouse containing leasing offices, a community room, kitchen, common laundry room and exercise room.
The construction of the second phase of Constitution Court Apartments will generate more than $5.1 million in local salaries and create nearly 80 new jobs in the Copperas Cove area. Boston Capital’s investment in this development adds 72 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 21,900 affordable apartments in Texas.
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in equity investments in affordable multifamily housing and market rate apartment communities. Boston Capital’s holdings include more than 1,990 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 140,000 apartment homes with a development cost in excess of $16.1 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.
