Red Stone Equity Partners, a private real estate finance and investment firm specializing in multifamily investment, just closed a $144 million Low Income Housing Tax Credit investment fund.
The Red Stone Equity-2018 National Fund is the eighth Red Stone fund to close in the last seven years and has the backing of six undisclosed institutional investors.
"We are pleased to announce the successful closing of Red Stone Equity's eighth national multi-investor fund, which welcomes investments from six repeat Red Stone Equity investors," said Red Stone Managing Director of Investor Relations Ryan P. Sfreddo said in a statement.
"The closing of the 2018 Fund demonstrates continued investor demand for well-structured affordable housing investment opportunities in this post-tax reform era, and we are grateful to both our investor and developer partners for working with—and placing their trust in—Red Stone Equity Partners," he added.
The fund will finance the construction or rehabilitation of more than 2,100 affordable housing units across 20 properties in 16 states.
The closing of the 2018 Fund brings Red Stone’s total LIHTC equity capital raised in 2018 to over $275 million.