Boston Capital Partners with Westbrook Development Corporation on Multifamily Community for Seniors in Westbrook, Maine

January 14, 2020 — Boston Capital is investing in the development of Robert L. Harnois Apartments, a 61 unit development for seniors in Westbrook, Maine. The general partner is Westbrook Development Corporation, based in Westbrook. Robert L. Harnois Apartments will serve seniors ages 62 or older earning 60 percent or less of the Area Median Income (AMI).

“We’re excited to partner for the first time with Chris LaRoche and the team at Westbrook Development Corporation in the development of Robert L. Harnois Apartments,” said Jack Manning, president and CEO of Boston Capital. “Given the market’s incredible demand for affordable housing for seniors, we’re thrilled to be involved in the creation of this much-needed community, located near public transportation,a retail center and supportive services.”

Located five miles west of downtown Portland, Robert L. Harnois Apartments will feature 61 one-bedroom units in a five-story building. Thirteen units will be set aside for persons who have special needs or are homeless. Development amenities will include a community room, fitness center and a laundry facility. A Resident Services Coordinator (RSC) will be available to assist residents with coordinating services on an as-needed basis. The RSC will provide educational material and organize social and enrichment activities to residents.

Robert L. Harnois Apartments is Phase II of the adjacent Larabee Village, a 150 unit senior development also developed by Westbrook Housing. An additional 30-unit building for seniors is scheduled for completion in 2022. The properties are located in a quiet area near 2.5 acres of woodlands with trails and benches.

The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in nearly 3,300 affordable apartments in Maine.

About Westbrook Development Corporation:

Westbrook Development Corporation (WDC) is a nonprofit corporation established in 1987 to finance, promote and advance the development of housing projects for low- and moderate-income persons within the City of Westbrook. WDC has played a key role in the development of hundreds of units of affordable housing in Westbrook, many of which are targeted toward senior households.

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 1,300 multifamily apartment properties in all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam, constituting nearly 108,000 apartment homes. 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