Boston Capital is investing in the construction of two affordable apartment communities for individuals and families in San Diego, California: Cielo Carmel Phase I, a 107-unit development and Cielo Carmel Phase II, a 90-unit development. The developer is Affirmed Housing Group, located in San Diego.
Both apartment communities, which will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program, are part of the 2,652-acre master planned Pacific Highlands Ranch Community development. Cielo Carmel Phases I and II will be available to families and individuals earning 60 percent or less of the Area Median Income (AMI).
“Great developer partners like Jim Silverwood and Affirmed Housing combined with a strong market, a superb location and competitive amenities attracted Boston Capital to these investments in San Diego,” said Jack Manning, president and CEO of Boston Capital. “Additionally, both newly constructed developments will have a positive impact on the San Diego economy through the creation of jobs and the generation of local revenue.”
Cielo Carmel Phase I will feature 18 one-bedroom, 53 two-bedroom and 36 three-bedroom units on nearly six acres. Cielo Carmel Phase II will feature 15 one-bedroom, 45 two-bedroom and 30 three-bedroom units on 3.75 acres. Both apartment communities will share an amenity package consisting of a 2,355 square foot community building with kitchen, three tot-lots, a dog park, community garden and three common laundry facilities. The two and three-bedroom units will feature attached garages and all units will include dishwashers, microwaves, central air conditioning and patios or balconies. The apartment community will be located within close proximity to public schools, retail services and local transportation.
The construction of these developments will generate more than $21 million in local salaries and create nearly 225 new jobs in the San Diego area. Boston Capital’s investments in the developments add 197 affordable homes to its apartment portfolio. To date, Boston Capital has invested in approximately 14,060 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.
About Affirmed Housing Group, Inc.:
Founded in 1990, Affirmed has successfully developed 34 communities with over 3000 affordable rental and for sale apartments and homes. The Affirmed pipeline of projects currently includes over 864 apartments, each at various stages of development. Affordable housing developments include new construction and rehabilitation of senior, special needs, and family rentals. Affirmed has comprehensive knowledge in residential development including site selection, engineering, architecture, construction, relocation, and marketing. With extensive knowledge in public & private finance, Affirmed is highly skilled and innovative in development funding.
With over 20 years of successful development experience, Affirmed Housing has proven relationships with lenders and investors. In an industry requiring expertise in specialized financing, Affirmed has effectively utilized creative sources to finance their award winning communities. Sources have included bank, equity, local, state, and federal funding.
