BOSTON, MA - Boston Capital announced the closing of Boston Capital Tax Credit Fund XXXIV, a nationally diversified portfolio of 39 affordable apartment properties in 17 states and the District of Columbia with a total fund size of $244 million. With this closing, Boston Capital has invested $291 million in equity since January 2011.
"Demand for Boston Capital's tax credit funds remains strong as investors continue to be faced with low-yield alternatives," said Jack Manning, president and CEO of Boston Capital. "Fund XXXIV, due to its high-quality assets and attractive yield, drew very strong investor interest. Boston Capital's goal as always is 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 properties acquired by Corporate Fund XXXIV add an additional 3,238 apartment units to Boston Capital's holdings. The Fund includes 11 developments for senior citizens and 28 properties which will be available to families. The properties are located in the District of Columbia and 17 states including AZ, CA, DE, GA, IA, MA, MD, ME, NH, NJ, NC, OH, OR, TN, TX, VA and WA.
Fund XXXIV includes 1,416 newly constructed units, which will result in the creation of more than 2,150 local jobs. The fund also includes 1,822 rehabilitated units, which will create approximately 530 local jobs.
Boston Capital is currently launching Fund XXXV, a $305 million fund which is expected to close by the end of 2011. Boston Capital also continues to close business with its proprietary fund relationships.
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, energy, film, economic development and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,400 multifamily apartment properties in 49 states and the District of Columbia, constituting nearly 159,000 apartments with a development cost in excess of $13.4 billion. Boston Capital is the largest owner/investor of apartment properties in the US.