Boston Capital is investing in the construction of Alexander Station, a 262-unit apartment community for individuals and families located in Gilroy, CA. The developer is The Pacific Companies, based in Eagle, Idaho.
Alexander Station will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Homes will be available to families and individuals earning 60 percent or less of the Area Median Income (AMI). Twenty-seven units will be available to families with incomes at or below 50 percent of the AMI.
“We are excited to invest in the construction of 262 affordable homes for individuals and families in Gilroy. Alexander Station represents Boston Capital’s 30th investment with our friend Caleb Roope of The Pacific Companies,” said Jeff Goldstein, chief operating officer and director of real estate at Boston Capital. “The apartment community’s stellar location and competitive amenity package will appeal to families looking for affordable, high-quality homes.”
Located on 6.65 acres, Alexander Station will feature 18 one-bedroom, 110 two-bedroom, 102 three-bedroom and 32 four-bedroom units in two, five-story buildings. Unit amenities will include energy efficient appliances (dishwasher, disposal, refrigerator, stove), washer/dryer hook-ups, storage, patios or balconies and central air conditioning. Development amenities will include a leasing office, community room with kitchen, recreation room, central laundries, a playground and tot lots.
Alexander Station will be located within one mile from the center of Gilroy, which features a vibrant downtown with shops and restaurants. Additional community facilities including schools, a library, a post office, public transportation and retail centers will also be located within one mile of the apartment community.
The construction of Alexander Station will generate $28.3 million in local salaries and create nearly 300 jobs in the Gilroy area. Boston Capital’s investment in this development adds 262 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 13,860 affordable apartments in California.
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.
