Boston Capital is investing in the construction of The Germania, a 90-unit apartment community for families in Milwaukee, Wisconsin. The general partner is Cardinal Capital Management, based out of Milwaukee and Madison. The Germania will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) and Federal and State Historic Tax Credit programs.
The Germania will feature 44 tax credit and 46 market rate units in a vacant, eight-story building built in 1896 which is currently listed on the National Register of Historic Places. The first floor of the building will include 8,500 square feet of commercial space. Tax credit units will be available to families earning 60 percent or less of the Area Median Income (AMI).
The Germania will provide 38 one-bedroom and 52 two-bedroom units ranging from 446 square feet to 1,210 square feet with an average of 761 square feet. Unit amenities will include washers and dryers, central air conditioning and dishwashers. Community amenities will include a leasing office, community room with kitchen, fitness center and tenant storage lockers.
“We are excited to once again partner with our friends Dan O’Connell and Erich Schwenker and their team at Cardinal Capital Management, converting unused office space into homes,” said Jeff Goldstein, chief operating officer and director of real estate at Boston Capital. “Our 12th partnership with Cardinal will bring much-needed affordable and market rate housing to the residents of Milwaukee in a unique, well located and architecturally attractive historic building.”
Boston Capital’s investment in this development adds 90 homes to its apartment portfolio. To date, Boston Capital has invested in more than 5,800 apartments in Wisconsin.
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 1,855 multifamily apartment properties in 49 states, the District of Columbia, the U.S. Virgin Islands and Guam, constituting nearly 130,000 apartment homes with a development cost in excess of $17.5 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.
