September 10, 2019 — Boston Capital is investing in the construction of The Heights at Seneca Apartments, a 61-unit affordable housing development for families in Hot Springs, Arkansas. This investment represents Boston Capital’s 33rd partnership with Phillips Development Corporation (PDC), based in Little Rock, Arkansas. The Heights at Seneca Apartments will serve families earning 60 percent or less of the Area Median Income (AMI).
“We are excited to team up with our longtime partner and friend Amanda Raible and the folks at PDC Companies in the construction of 61 affordable homes for families in the desirable Hot Springs area,” said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. “A solid job market and a growing economy are creating a strong demand for affordable housing in the Hot Springs market, and we’re eager to address this demand and help families in need of quality housing.”
Located on 9.72 acres, The Heights at Seneca Apartments will feature six three-story residential buildings offering 24 two-bedroom and 37 three-bedroom units. Unit amenities will include dishwashers, central heating and air conditioning, ceiling fans and walk-in closets. Development amenities will include a community room featuring a computer lab, onsite management, a picnic area and a playground. Residents will benefit from a close proximity to public transportation, medical facilities, grocery, retail and financial services, schools and a post office.
The Heights at Seneca 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 61 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 700 affordable apartments in Arkansas.
About PDC Companies:
PDC Companies, led by President and CEO Amanda Raible, is a unique, relationship focused business providing a full range of real estate services to its clients. With over 30 years of experience, PDC gives each customer the ability to reach its goals with services tailored to meet its needs. Based in Little Rock, Arkansas, PDC uses a flexible team approach, using resources from Development, Brokerage and Property Management divisions as necessary to bring projects from vision to completion. PDC provides real solutions to real estate needs.