July 17, 2019 — Boston Capital is investing in the construction of Gladstone Apartments, a 60-unit affordable housing development for families in Columbus, IN. The general partner is RealAmerica Development, LLC, based in Indiana. Gladstone Apartments will serve families earning 60 percent or less of the Area Median Income (AMI).
“We are excited to partner with Ronda Shrewsbury Weybright and the Real America team, bringing high-quality affordable housing with great amenities to families and individuals in Columbus, a city with a solid job market and growing economy,”said Jack Manning, president and CEO of Boston Capital. “Excellent access to employment opportunities, supportive services, retail, healthcare, and public transportation make this an especially favorable place for families to call home.”
Gladstone Apartments will feature two three-story residential buildings offering 12 one-bedroom, 36 two-bedroom and 12 three-bedroom units as well as a 2,100 square foot freestanding community building. Unit amenities will include dishwashers, washer/dryer units, private patios or balconies and central air conditioning. Development amenities will include a community room with a kitchen, a computer area, bike racks, a dog park, a BBQ area and a playground.
Six units will be set aside for families with special needs. In collaboration with local organizations and employers, the development’s community building will be used for job interviews and training, job fairs and any other events that promote employment opportunities.
Gladstone Apartments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital’s investment in this development adds 60 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 3,100 affordable apartments in Indiana.
RealAmerica, a WBE-certified company, was created in 1995 for the purpose of developing and constructing apartment housing through the use of Low-Income Housing Tax Credits. Building on that experience, RealAmerica expanded into other real estate development including market rate apartments, self-storage, business office, and mixed-use developments as high-quality opportunities have arisen.