Boston Capital is investing in the construction of a 72-unit affordable senior housing community being developed by Herman & Kittle Properties in Beaumont, Texas.
Located 85 miles east of Houston, Old Dowlen Cottages will be built with approximately $10 million in low-income housing tax credit equity from Boston Capital.
“We are excited to team up with Jeff Kittle and Herman & Kittle Properties in the construction of 72 affordable homes for seniors in the Beaumont area,” said Jeff Goldstein, COO and director of real estate at Boston Capital. “We are seeing a strong demand for affordable housing for seniors in Hurricane Harvey–affected areas, and we’re eager to address this demand and help seniors in need of quality housing.”
Situated on more than 8 acres, Old Dowlen Cottages will feature 24 one-bedroom and 48 two-bedroom apartments in 18 single-story four-plex buildings. Units will offer central air conditioning, washer/dryer hookups, dishwashers, and patios. Development amenities will include a 2,626-square-foot community building, featuring a leasing office, a common room with a kitchen, a business center, a laundry facility, and a fitness area. The apartment community is well located across the street from a Walmart Supercenter and within a quarter mile from a regional mall.
The development will serve residents 55 years and older. Forty-two affordable units will be available to families and individuals earning 60% or less of the area median income (AMI); 13 units will be available at 50% of the AMI; and seven units will be available at 30% of the AMI. Ten units will be available at market rental rates.
Boston Capital’s investment in this development adds 62 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 23,000 affordable apartments in Texas.