Boston Capital is investing in the construction of Tri-Town Landing, Phase III, a 32-unit apartment community for individuals and families located in Lunenburg, Massachusetts. The developer is Great Bridge Properties, LLC based in Manchester, NH.
The development 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), including eight families whose incomes are at or below 30 percent. Tri-Town Landing, Phase III will be part of a master 9.23-acre development, which includes the 66-unit Tri-Town Landing, Phase I and the 33-unit Tri-Town Landing, Phase II. All three tax credit properties will operate as one development upon completion of Phase III.
“We are excited to invest in the construction of 32 affordable homes for individuals and families in Lunenburg, and play a role in creating much-needed affordable housing in Massachusetts,” said Jack Manning, president and CEO of Boston Capital. “Tri-Town Landing’s location in a residential setting in Lunenburg will appeal to residents looking for an affordable, high-quality apartment community. This development represents Boston Capital’s tenth investment with our partners Chris Davies and Bill Caselden.”
Located 40 miles west of Boston, Tri-Town Landing will feature five one-bedroom, 23 two-bedroom and four three-bedroom units in one three-story building. Units will feature central air conditioning, balconies and new EnergyStar appliances. The apartment community will feature a common laundry room on each of the three floors, a fitness center, a community room with a kitchenette and a playground. Tri-Town Landing is located within close proximity to retail, public transportation, schools and recreational facilities.
The construction of Tri-Town Landing will generate $3.5 million in local salaries and create approximately 36 new jobs in the Lunenburg area. Boston Capital’s investment in this development adds 32 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 3,900 affordable apartments in Massachusetts.
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.
