The City of Boston has established a public-private partnership to purchase a 207-unit apartment building in Mattapan in an effort to keep the units affordable for low- and moderate-income residents.
Mayor Martin Walsh announced the city’s contribution of $4 million toward the purchase of the Morton Village Apartments, located near Morton Street station on the MBTA Fairmount Line. The deal, made through the City of Boston’s Acquisition Opportunity Program (AOP), included Avanath Capital Management, Mirak Properties and CBRE Capital Markets, according to a press release from the mayor’s office.
“Guaranteeing long-term affordability for these homes is critically important for families and represents Boston’s steadfast commitment to preventing displacement,” Walsh said in the press release. “I am pleased that Avanath Capital Management was able to work with the residents and the City of Boston to ensure Morton Village remains their home.”
The deal is part of Walsh’s plan to buy 1,000 affordable units and take them off the market to preserve their affordability.
“We are thrilled to add Morton Village to our existing portfolio of more than 10,000 units across the country,” Daryl Carter, founder and CEO of Avanath Capital Management, said in the press release. “Our niche focus is on affordable and workforce housing and preserving affordability for residents across the nation. This was our first acquisition in the Boston market, and it was an honor to work alongside the City of Boston and the Mayor towards a shared mission.”
Walsh’s office noted that Avanath is using investments in long-term debt and an equity fund supported by retirement funds and socially motivated investors.
“In order to truly stabilize housing in Boston, we have to take it out of the speculative market,” said Steve Meacham, Coordinator of Organizing at City Life/Vida Urbana. “This agreement, for the near-term, will shield tenants from speculative rent hikes — and we hope to see long-term, permanent affordability for all of the brave Morton Village families come out of continued talks with the new owner.”