BEAUMONT, Texas — Boston Capital has invested in the construction of Old Dowlen Cottages, a 72-unit age-restricted community in Beaumont, located east of Houston near the Louisiana border.
Indianapolis-based Herman & Kittle Properties is developing the property, which will be restricted to residents age 55 and older. The size of Boston Capital’s investment was not disclosed.
Old Dowlen Cottages will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital's investment in this development adds 62 affordable homes to its apartment portfolio. To date, Boston Capital has invested in nearly 23,000 affordable apartments in Texas.
Situated on more than eight acres, Old Dowlen Cottages will feature 24 one-bedroom and 48 two-bedroom apartments in 18 single-story fourplex buildings. Development amenities will include a 2,626-square-foot community building featuring a leasing office, common room with kitchen, business center, laundry facility and fitness area. The apartment community is located across the street from a Walmart Supercenter.
Forty-two affordable units will be available to families and individuals earning 60 percent or less of the area median income (AMI), 13 units will be available at 50 percent of the AMI and seven units will be available at 30 percent of the AMI. Ten units will be available at market rental rates.