Boston Capital is investing in the rehabilitation of Trinity Towers West Apartments, a 192-unit apartment community for seniors in Melbourne, FL. The general partner is Preservation of Affordable Housing, Inc. (POAH), based in Boston. Trinity Towers West Apartments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program.
Trinity Towers West Apartments features 64 studio and 128 one-bedroom garden-style homes in a 17-story building. Units offer central air-conditioning, ceiling fans, storage and emergency pull cords. Development amenities will include a community room with a kitchen, a computer lab, central laundries on each floor, a library, a card room, shuffle board and a 24-hour manned front desk. Homes will be available to seniors ages 62 and older earning 60 percent or less of the Area Median Income (AMI). Nine market rate units will be offered to residents at or below 80 percent of the AMI.
“Boston Capital is pleased to partner with our friend Aaron Gornstein and the folks at Preservation of Affordable Housing in the rehabilitation of Trinity Towers West Apartments, serving Melbourne’s seniors in need of affordable homes,” said Jack Manning, president and CEO of Boston Capital. “Residents will benefit from the apartment community’s location within walking distance of downtown Melbourne, close to public transportation, retail services, and dining establishments.”
The rehabilitation of Trinity Towers West Apartments will generate nearly $8.3 million in local salaries and create nearly 90 new jobs in the Melbourne area. Boston Capital’s investment in this development adds 192 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 7,900 affordable apartments in Florida.
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.
About Preservation of Affordable Housing, Inc.:
Preservation of Affordable Housing (POAH) is a nonprofit organization whose mission is to preserve and steward affordable rental housing to provide stability, hope and economic security to low- and moderate-income individuals and families. POAH owns and operates close to 8,500 affordable homes at more than 70 properties in nine states and the District of Columbia.
POAH has rescued and restored some of America’s most ‘at risk’ rental housing. We are known nationally for our ability to develop innovative financing structures and to close complex deals which preserve long-term housing affordability for seniors, individuals with disabilities and families priced out of the housing market. POAH has also successfully influenced a range of public policies to address the nation’s housing preservation challenges.
