Leslie Saul & Associates recently completed the interiors of Salem Towers, a senior housing apartment building in Malden, MA. Randy Johnson did the architecture. We are proud to be part of Boston Capital’s team.
“Boston Capital COO Jeff Goldstein says that it’s gratifying for the 38-year-old multifamily investment firm to be named the largest apartment owner in the country by the National Multi Housing Council for the third year in a row. He adds though that the company is more focused on the high quality than the quantity of its assets. The Boston-based company owns 157,425 apartments in 2,400 developments nationwide; 95% of the units are affordable, and most are part of Low Income Tax Credit deals. During the excellent multifamily market of recent years, Jeff says that the company has been very active buying and selling assets in its $13.4B portfolio. Across the country, tenant demand for these apartments remains strong as people struggle with job loss, underemployment, or have lifestyles that don’t favor home ownership.”
“One recent investment was Salem Towers (above) in Malden, seniors housing. Boston Capital, New England Communities, and Beth Israel Senior Housing completed a major renovation in December. Jeff tells us that Massachusetts state agencies are particularly skilled at financing affordable housing. But nationwide since ’08, Jeff says that financing has been available for affordable housing investments, not always the case for market rate housing. Construction and permanent financing has been relatively easy to secure. More important, he says, the company has found eager equity investors including 15 to 20 big banks and insurers seeking to fulfill Community Reinvestment Act requirements as well as corporations interested in yield—now about 6% on Boston Capital investments, up from 4% to 5% in ’06, ’07 and ’08, but down from 10% in ’09.”
See what other Senior Projects LS&A has been working on in our blog gallery.