BOSTON, MA - Boston Capital announced the closing of Boston Capital Tax Credit Fund XXXVII, a nationally diversified portfolio of 25 affordable apartment properties in 16 states with a fund size of $130 million in equity. The properties acquired by Corporate Fund XXXVII add an additional 1,350 apartment units to Boston Capital's holdings.
"Fund XXXVII, due to its high-quality assets and attractive yield, drew very strong investor interest," said Jack Manning, president and CEO of Boston Capital. "Boston Capital strives to achieve the best results in the marketplace by providing superior investment opportunities and teaming with the finest developer partners, producing quality affordable housing."
The Fund includes nine developments for senior citizens and 16 properties for families in 16 states including AR, CA, CO, CT, IA, IN, KY, MD, MA, ME, NC, OK, SC, TN, WA and WI. Fund XXXVII will result in the creation of nearly 1,400 local jobs and will generate nearly $104 million in local income.
"In addition to creating and preserving high-quality affordable housing units for residents across the United States, Boston Capital's investments impact communities by generating income, taxes and other revenue for local governments and by creating much-needed jobs. These positive impacts demonstrate both the success and necessity of the LIHTC program," added Manning.
With the closing of Fund XXXVII, Boston Capital has raised $730 million in equity since 2012. Boston Capital recently launched Corporate Fund XXXVIII, a $175 million equity fund expected to close in fall 2013.
About Boston Capital
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and energy, and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,260 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 155,520 apartments with a development cost in excess of $15.1 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.