Boston Capital holds first close for U.S. apartment fund
Boston Capital has held a first closing for its Boston Capital Income & Value U.S. Apartment Fund, a Luxembourg-registered investment vehicle.
The fund is targeting up to $500 million in equity from financial institutions, pensions and wealth managers, including groups from Europe and Asia. BCIV is designed to generate attractive current dividends and capital growth through the acquisition, repositioning and capital improvement of existing market-rate apartment communities located throughout the United States.
BCIV has two seeded assets valued in excess of $85 million, providing immediate capital deployment and current returns for investors. A second closing is scheduled for the second quarter, with a final closing by year-end 2017.