Red Stone Equity Closes $263M Multi-Investor LIHTC Fund

Red Stone Equity Partners LLC announced the close of a $263.2 million multi-investor Low Income Housing Tax Credit (LIHTC) equity investment fund. The proceeds will be used, along with other project-level financing sources, to finance the construction and/or rehabilitation of 1,672 units of affordable rental housing contained within 19 properties across 11 different states.

The Red Stone Equity – Fund 113 Limited Partnership is the 18th and largest multi-investor national LIHTC fund offering to close since the company’s inception in 2007 and includes investments from 10 institutional investors, eight of which are repeat Red Stone Equity LPs and two of which are first-time Red Stone Equity LPs.

Fund 113 will invest in 13 ground-up new construction projects, two renovation projects and four adaptive re-use developments. Eight of the properties will qualify for federal energy tax credits due to their renewable energy and/or energy efficiency features and nine properties will be developed by Minority or Women-owned Business Enterprises.

“Our multi-investor LIHTC fund platform continues to be an important part of our business strategy, as it not only provides our LPs with diversification benefits, but also brings together like-minded co-investors to invest in something that is so critically needed—high-quality affordable housing,” said Stephanie Kinsman, Red Stone Equity’s managing director of investor relations.

Red Stone Equity has now raised more than $1.3 billion of LIHTC equity capital this year, including Fund 113. The company closed Fund 111, a $256.3 million LIHTC fund, over the summer. Fund 111 and Fund 113 are the company’s largest multi-investor LIHTC funds closed to date.

Since 2007, Red Stone Equity has raised over $11 billion of tax credit equity to finance the construction and/or rehabilitation of more than 750 affordable housing communities.