Press Release
Boston Capital Acquires Affordable Multifamily Development in Houston, TX
November 9, 2006
150 kb
HOUSTON, TX – November 9, 2006 – Boston Capital acquired Aspen Park Apartments (a.k.a. Family
Tree Apartments), a 256-unit multifamily community in Houston, TX. The general partner is Summit
America Properties, Inc., an owner, developer and manager of multifamily housing headquartered in
Montgomery, Alabama.
Family Tree Apartments includes 32 one-bedroom, 152 two-bedroom and 72 three-bedroom garden -
style units, available to residents at 60 percent or less of the area median income (AMI). Twelve
apartments will be adapted for occupancy by handicapped/developmentally disabled persons.
Renovations will include the addition of a community room, playground and pool and some
apartments will feature lofts and fireplaces. The proposed rehabilitation will equal nearly $14,000 per
unit in total construction costs.
The development consists of 20 two-and three-story buildings on a 10.75-acre site. Located in a
mixed commercial and residential neighborhood, the apartment community has excellent access to
the interstate, shopping facilities, a community service facility and two public schools.
"Boston Capital is extremely pleased to once again partner with Summit America Properties, Inc, in
the acquisition of Family Tree Apartments, offering much-needed affordable housing to the residents
of Houston and its surrounding communities," said Jack Manning, president and CEO of Boston
Capital. “For over 30 years, we have dedicated ourselves to the creation and preservation of
affordable multifamily housing throughout the country. We look forward to increasing our commitment
to families with moderate incomes in Texas and throughout the country."
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a private equity firm specializing in real estate and
tax advantaged investments. As of January 2006, Boston Capital ’s holdings included over 2,650
multifamily apartment properties in 48 states and the District of Columbia, constituting over 147,000
apartments with a development cost in excess of $11.3 billion. Boston Capital is the fourth largest
owner/investor of apartment properties in the country and the 11th largest owner of real estate
property in general.
For more information contact:
David Gasson
Vice President
Director of Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8896
150 kb
HOUSTON, TX – November 9, 2006 – Boston Capital acquired Aspen Park Apartments (a.k.a. Family
Tree Apartments), a 256-unit multifamily community in Houston, TX. The general partner is Summit
America Properties, Inc., an owner, developer and manager of multifamily housing headquartered in
Montgomery, Alabama.
Family Tree Apartments includes 32 one-bedroom, 152 two-bedroom and 72 three-bedroom garden -
style units, available to residents at 60 percent or less of the area median income (AMI). Twelve
apartments will be adapted for occupancy by handicapped/developmentally disabled persons.
Renovations will include the addition of a community room, playground and pool and some
apartments will feature lofts and fireplaces. The proposed rehabilitation will equal nearly $14,000 per
unit in total construction costs.
The development consists of 20 two-and three-story buildings on a 10.75-acre site. Located in a
mixed commercial and residential neighborhood, the apartment community has excellent access to
the interstate, shopping facilities, a community service facility and two public schools.
"Boston Capital is extremely pleased to once again partner with Summit America Properties, Inc, in
the acquisition of Family Tree Apartments, offering much-needed affordable housing to the residents
of Houston and its surrounding communities," said Jack Manning, president and CEO of Boston
Capital. “For over 30 years, we have dedicated ourselves to the creation and preservation of
affordable multifamily housing throughout the country. We look forward to increasing our commitment
to families with moderate incomes in Texas and throughout the country."
About Boston Capital:
Boston Capital, headquartered in Boston, MA, is a private equity firm specializing in real estate and
tax advantaged investments. As of January 2006, Boston Capital ’s holdings included over 2,650
multifamily apartment properties in 48 states and the District of Columbia, constituting over 147,000
apartments with a development cost in excess of $11.3 billion. Boston Capital is the fourth largest
owner/investor of apartment properties in the country and the 11th largest owner of real estate
property in general.
For more information contact:
David Gasson
Vice President
Director of Corporate Communications
Boston Capital
One Boston Place
Boston, MA 02108-4406
(617) 624-8896