The BLVD Group, a Los Angeles-based multifamily investment and development firm, announced its $97 million acquisition and planned renovation of Concord Royal Gardens, a 300-unit affordable housing community in Concord, New Hampshire.
Originally built in 1970, Concord Royal Gardens is one of the city’s largest affordable housing communities. The company is partnering with New Hampshire Housing, the US Department of Housing and Urban Development, Boston Financial and Citizens Bank to revitalize the property. The acquisition and renovation are being financed through Low Income Housing Tax Credits and tax-exempt bond financing from New Hampshire Housing, marking the largest single bond-financed housing transaction in the state’s history.
Upon completion, all of the units at Concord Royal Gardens will be available to families earning up to 60% of the Area Median Income. Each apartment will be renovated with new appliances, flooring, cabinets, tub surrounds, and energy-efficient fixtures, and the property’s amenities will include a fitness center, computer stations for resident use, a BBQ area and a dog park.
“This marks a significant step towards our goal of providing high quality and sustainable affordable housing in Concord and an investment in the people who call this community home,” said Rob Budman, managing principal at BLVD. “This project not only extends affordability, but also adds desperately needed new units to the affordable housing supply.”
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