Boston Capital Partners with Tacoma Housing Authority on Two Multifamily Communities in Washington

October 29, 2019 — Boston Capital is investing in the construction of two affordable apartment communities in Tacoma, Washington: 1800 Hillside Terrace, recently renamed “The Rise at 19th,” a 64-unit development serving families experiencing homelessness and Arlington Youth Place, a 58-unit development for primarily homeless youth. These investments represent Boston Capital’s first and second partnerships with Tacoma Housing Authority (THA).

“With Michael Mirra, Kathy McCormick and the Tacoma Housing Authority, we are excited to be involved in creating much-needed affordable and supportive housing for individuals and families facing homelessness in Tacoma,” said Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. “Through the creation of permanent supportive housing, we can help individuals and families transition from homelessness to living independently in safe and affordable homes.”

The Rise at 19th and Arlington Youth Place will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital’s investments in these developments add 122 affordable homes to its apartment portfolio. To date, Boston Capital has invested in more than 6,000 affordable apartments in Washington.

About The Rise at 19th:

Located 32 miles southwest of Seattle, The Rise at 19th is a proposed 64-unit apartment community serving low income individuals and families experiencing homelessness as well as persons with disabilities. Located on a 1.15-acre site, the development will feature 40 one-bedroom and 24 two-bedroom apartments in a four-story building. Twenty percent of the apartments are Permanent Supportive Housing (PSH) units set aside for individuals and small families experiencing homelessness, and twenty percent are for households with persons experiencing disabilities. Supportive services for residents will be provided by THA’s Client Services Department. The Rise will serve families and individuals earning 60 percent or less of the Area Median Income (AMI).

About Arlington Youth Place:

Arlington Drive Youth Place will feature 48 one-bedroom and 10 two-bedroom apartments in a four-story building. Community amenities will include on-site parking, a community room, laundry facilities and bike storage. Seventy-five percent of the units (44) will be set-aside for homeless households with a preference given to young adults ages 18 to 24. The remaining 14 units will accept residents who may be at risk of homelessness. The apartment community is located on THA’s Arlington Drive Youth Campus which includes a Crisis Residential Center (CRC) with services administered by Community Youth Services. The YMCA of Greater Seattle will provide additional supportive services tailored to the homeless youth population. Arlington Youth Place will serve individuals earning 60 percent or less of the Area Median Income (AMI).

About Tacoma Housing Authority:

Established in 1940, Tacoma Housing Authority provides high-quality, stable and sustainable housing and supportive services to people in need. It does this in ways that help them prosper and help our communities develop equitably. THA develops and manages real estate and provides rental housing. In partnership with thousands of private landlords, it helps families pay the rent in the private rental market. It delivers supportive services to help families succeed as “tenants, parents, students, wage earners and builders of assets who can live without assistance.” THA seeks to do its work in ways that help our community be an “attractive place to live, work, attend school, shop and play,” and that help Tacoma be “safe, vibrant, prosperous, attractive and just.” For more information about THA and its work, go to www.tacomahousing.net.

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.

For More Information:

Allison E. Marino
Public Affairs/Media
617.624.8678