Boston Capital invested an undisclosed amount in two affordable communities for active seniors in Maryland last week. Both buildings require residents to be 62 or older and earning 60 percent or less of the area median incomes.
The company’s first investment is in the rehabilitation of Park View at Rosedale Apartments, a 109-unit affordable apartment community for active seniors located in Rosedale, MD. The renovations will include new roofs, kitchen cabinets, kitchen cabinets, sinks, fixtures, energy-efficient appliances and low flow toilets as well as the replacement of unit and common area HVAC systems.
The second investment—Park View at Randallstown— features 103 one-bedroom units in one, three-story building with an elevator. The developments will include the installation of new roofs and gutters, new windows, common area floor painting, Energy Star lighting and community room improvements. Unit renovations will include the installation of new cabinets, countertops and flooring, Energy Star appliances, new hot water heaters, new HVAC units, Energy Star light fixtures, cabinets and countertops. Accessibility issues will be addressed throughout the building.
“These developments offer seniors high-quality, affordable housing with enhanced amenities and great locations close to area retail, medical and community services,” said Jack Manning, President and CEO of Boston Capital. “We are pleased to be involved in the production of much-needed affordable housing in Maryland, expanding the options available to seniors with low to moderate incomes.”
A spokesperson for Boston Captial told SHN the total development costs for Rosedale and Randallstown was $10.4 million and $10 million respectively. However, she would not disclose the amount of Boston Capital’s investment.