Boston Capital holds $133m first close for second fund in U.S. multifamily series

Boston Capital Real Estate Partners, an affiliate of Boston Capital, has held a first closing for its Boston Capital Income and Value U.S. Apartment Fund II (BCIV Fund II), raising more than $133 million.

BCIV Fund II continues BCRE’s strategy of investing in and rehabilitating market-rate rental apartments positioned at an affordable price point relative to new luxury rental housing. This segment appeals to financially resilient middle-income residents seeking renovated communities in lower density, suburban locations in attractive primary and secondary markets throughout the United States. Similar to BCIV Fund I, typical investments will include underperforming class B apartment communities experiencing mismanagement, underinvestment and/or capital event liquidity constraints. In addition, BCIV Fund II will take advantage of other acquisition value-add opportunities amid current and emerging COVID-19 related market conditions.

BCIV Fund II is targeting a total comm