Boston Capital is investing in the rehabilitation of San Diego Square, a 156-unit development for seniors located in downtown San Diego, CA. The development will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital’s investment in the development adds 156 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in more than 13,200 units of affordable housing in California.
The general partner for the rehabilitation of San Diego Square is Housing Development Partners, which is a nonprofit affiliate of the nationally recognized San Diego Housing Commission (SDHC). SDHC authorized the issuance of a state multifamily housing revenue note of up to $17,825,000 for HDP to acquire and rehabilitate San Diego Square. The San Diego City Council, sitting as the Housing Authority of the City of San Diego, approved the note on October 28, 2014.
San Diego Square is a 12-story tower which features 154 one-bedroom apartments and two managers’ units. Apartment renovations will include air conditioning, updated kitchens, baths, flooring and additional interior upgrades. Development amenities include a large community room with commercial kitchen, central laundry and landscaped patio. Renovations will include the addition of a fitness center, computer lab and conference room. The apartment community will be available to seniors earning 60 percent or less of the San Diego Area Median Income (AMI), currently $33,180 a year for a one-person household. The rehabilitation of San Diego Square will generate $10 million in local salaries and create approximately 107 construction jobs in the San Diego area.
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 include more than 1,990 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 140,000 apartments homes with a development cost in excess of $15.8 billion.
