posted on September 03, 2010 01:07
A new senior multifamily community will be built in San Antonio called The Mirabella Apartments.
The developer, builder and property manager of the senior apartments will be Cleveland-based NRP Group LLC. Boston Capital is furnishing the financing. Development costs were not disclosed.
Located on 8.7 acres of land, The Mirabella Apartments will include 112 one-bedroom units and 60 two-bedroom units across four buildings. The buildings will include elevators and offer both gated and controlled access. All units will feature eight-foot ceiling, washer/dryer hook-ups and patios or balconies.
The Mirabella Apartments will also be equipped with a solar hot water system that will preheat the water in the complex.
The developer will also equip the complex with an outdoor pool, community room, business center and exercise room. Units will be targeted for seniors age 55 or older and who earn 60 percent or less than the area’s median income.
“We are pleased to once again partner with NRP Group in this investment which represents a high-quality rental opportunity for seniors in the San Antonio housing market,” says Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. “The development’s emphasis on energy efficiency will provide long-term environmental benefits while reducing energy costs for seniors with low incomes.”
Boston Capital is a real estate investment and advisory firm that specializes in affordable multifamily housing and market-rate apartment communities. Boston Capital owns more than 2,575 apartment properties in 49 states and the District of Columbia. The company is the largest owner/investor of apartments communities in the United States.
NRP Group also owns and manages The Alhambra Senior Apartments in San Antonio.
August 26th, 2010 | San Antonio Business Journal