Boston Capital Invests in the Preservation of 144 Affordable Units for Seniors in Oakland, California

February 20, 2019 — Boston Capital is investing in the renovation of San Pablo Hotel, a 144-unit apartment community for seniors ages 55 or older in Oakland, California. The general partner is East Bay Asian Local Development Corporation, a non-profit affordable housing development company headquartered in Oakland. Originally built in 1907 as a hotel, the property was converted to affordable senior rental housing in 1994 through the Low Income Housing Tax Credit (LIHTC) program.

San Pablo Hotel will offer 110 single room occupancy (SRO) and 30 studio units to seniors with incomes at or below 30 percent of AMI, two studio units for residents at or below 40 percent of AMI and two manager-occupied units. The SRO units come in two-unit suites, each of which shares a full bathroom. The studio units each contain a single full bathroom. Ten percent of the units will be accessible to residents with mobility, vision, or hearing impairments. Supportive services such as counseling, short term therapy and crisis management will be provided by an on-site service coordinator to all residents.

“We are thrilled to partner with Joshua Simon and the East Bay Asian Local Development Corporation team in the substantial rehabilitation of the San Pablo Hotel,” said Jack Manning, president and CEO of Boston Capital. “This investment will not only preserve much-needed affordable housing in Oakland, it will allow seniors to remain in their homes and live independently while having access to valuable supportive services.”

The renovation will include the expansion of the development’s community space which includes a leasing office, supportive service coordinator, community room with kitchen, computer room, laundry rooms, controlled building access, and 24/7 front desk. Other community amenities include an outside patio, community garden, and bus passes for each resident.

Boston Capital’s investment in this development adds 144 affordable homes to its apartment portfolio. To date, Boston Capital has invested nearly 16,000 affordable apartments in California.

About East Bay Asian Local Development Corporation:

East Bay Asian Local Development Corporation (EBALDC) is a non-profit community development organization with over 40 years of experience in building healthy, vibrant and safe neighborhoods in Oakland and East Bay. The organization addresses the specific needs of individual neighborhoods by connecting the essential elements of health and wellbeing through our Healthy Neighborhoods Approach.

EBALDC is known for developing and managing diverse, mixed-income complexes and communities, while providing vital social and financial services, to help give long-time, low-income residents the ability to stay in their neighborhoods. They recognize and build upon the assets unique to each community to inform and establish thoughtful partnerships that will address the social factors impacting a neighborhood’s health and wellbeing. This comprehensive perspective helps families and individuals begin a path toward healthy, stable and fulfilling lives in a holistic, sustainable way.

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 presently include more than 1,405 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam, constituting nearly 115,500 apartment homes with a development cost in excess of $20.6 billion. Boston Capital is one of the largest owners/investors of apartment properties in the United States.

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Allison E. Marino
Public Affairs/Media