Boston Capital Closes Tax Credit Fund
- Feb 07, 2012
Boston—Boston Capital has announced the closing of Boston Capital Tax Credit Fund XXXV, a nationally diversified portfolio of 53 affordable apartment properties in 21 states. The total fund size is $350 million. The firm has raised nearly $640 million in equity since January 2011.
“Boston Capital takes great pride in forming long-term partnerships with our developer partners and our investors,” says Jack Manning, president and chief executive officer of Boston Capital. “Fund XXXV, due to its high-quality assets and attractive yield, drew very strong investor interest. Our goal is to continue to provide the best finance and investment programs in the business.”
The properties acquired by the fund add an additional 3,610 apartment units to Boston Capital’s holdings. The fund includes 1,093 newly constructed units and 2,517 rehabilitated units. Boston Capital plans to launch Fund XXXVI later this month.
HFF lands a 409-unit listing in Sacramento
Sacramento, Calif.—Holliday Fenoglio Fowler LP has been assigned marketing rights for the sale of Capitol Towers, a 409-unit high-rise community in Sacramento, Calif. The firm is marketing the property on behalf of the seller, Bond Companies, for an undisclosed amount.
The asset is located at 1500 7th Street in downtown Sacramento, three blocks from the Capitol Mall. The tower received a renovation between 2003 and 2006, and offers one-, two- and three-bedroom units that average 701 square feet each. Amenities include a clubhouse, fitness center, social lounge, business center, Olympic pool and sauna. The asset is currently 95 percent leased.
Additional upside exists in the form of 8.6 acres of multi-housing development entitlements for up to 1,290- units. The HFF sales team representing Bond Companies will be led by co-head of the firm’s national multi-housing group Sean Deasy and managing director Mark Peterson, along with executive managing director Matthew Lawton.