Boston Capital partners with Avesta Housing on multifamily community in Maine
Boston Capital has plans to invest to preserve, redevelop and construct Deering Place, a 75-unit mixed-income development for families and individuals in Portland, Maine. The general partner is Avesta Housing, based in Portland. Deering Place will serve families earning 50 percent or less of the area median income.
“Deering Place represents our 14th investment with our partner Dana Totman and our friends at Avesta Housing,” said Jack Manning, president and CEO of Boston Capital. “Given the market’s incredible demand for affordable housing, we’re excited to be involved in the preservation, redevelopment and expansion of housing in the historic Parkside neighborhood in downtown Portland.”
Deering Place will include the rehabilitation and redevelopment of an existing building as well as the construction of two new residential buildings on adjacent lots. Upon completion, 45 affordable units and 30 market-rate units will be available for families and individuals. Twenty percent of the units will be set-aside for persons who are homeless or displaced, have disabilities, are victims of domestic violence, or have other special housing needs. An on-site resident service coordinator will provide social services to all residents.
The development will feature 16 studios, 37 one-bedroom, 10 two-bedroom and 12 three-bedroom units. Development amenities will include a 1,300-square-foot community room with a kitchenette, a common area laundry facility in each building, and on-site parking for 52 cars. Residents will benefit from the property’s convenient location in downtown Portland, near public transportation on the Portland METRO and longer distance bus routes. The apartment community will also offer storage for bicycles.
