Boston Capital closes U.S. apartment fund
Boston Capital has held a close for its Boston Capital Income and Value U.S. Apartment Fund (BCIV).
BCIV, a discretionary multi-investor Luxembourg based fund vehicle, includes financial institutions, insurance companies, pensions, and family offices among its investors and will acquire more than $350 million in apartment properties throughout the United States.
The fund generates high current dividends and capital growth by acquiring and renovating class B apartment properties located in major and secondary U.S. markets and by targeting a renovated rental price point well below new construction rates, which appeals to a middle and upper middle income renter profile.
BCIV closed in June its fourth acquisition in the fund, La Costa Apartments in Dallas, and is in the process of renovating three previously acquired properties in Atlanta, Phoenix, and Charlotte. This brings the fund’s current holdings to 1,330 apartment homes. The fund intends to acquire two to three more properties through early 2019.
