Boston Capital Closes on $150M Apartment Fund
- Jul 14, 2008
By Anuradha Kher, Online News EditorBoston–Boston Capital recently closed its Boston Capital Tax Credit Fund XXX, a nationally diversified portfolio of 27 affordable apartment properties in 15 states with total equity of $150 million. With this closing, Boston Capital has closed $481 million in equity since December 2007.“At a challenging time for the U.S. economy and the credit markets, we are very pleased to close a fund consisting of high-quality assets and strong investor interest in these assets,” says Jack Manning, president and CEO of Boston Capital. “The appetite for these investments is reflective of the high standards inherent in our investment offerings. We will continue to provide our developer partners and our investors the best finance and investment programs in the business.”Fund XXX includes three developments for seniors, totaling 613 units. Six developments located in Virginia are EarthCraft House certified. The EarthCraft House program is a voluntary green building program for the southeastern region of the U.S. that serves as a blueprint for healthy, comfortable homes that reduce utility bills and protect the environment. The properties acquired by Corporate Fund XXX will add an additional 3,281 apartment units to Boston Capital’s holdings, which currently total over 168,000 apartments. For the balance of 2008, Boston Capital will launch and close another multi-investor national fund totaling $150 to $200 million. “We will also continue to close business with our proprietary fund relationships, which will account for a significantly larger portion of our business this year than in years past,” says Manning.