Red Stone Equity raises $207m to invest in U.S. affordable rental housing

Red Stone Equity Partners, a privately owned real estate finance and investment company specializing in affordable multifamily residential funds and financings, has closed its Red Stone Equity – Fund 84 LP.

Fund 84 is a $207 million multi-investor Low-Income Housing Tax Credit (LIHTC) investment fund. It is Red Stone Equity’s 18th and largest multi-investor vehicle to close since the firm’s inception.

The fund was backed by 12 different institutional investors, 11 of which are existing investors with Red Stone Equity investors and one of which is a first-time investor.

Red Stone Equity said it will use the proceeds of Fund 84 to help finance the construction and rehabilitation of more than 1,600 units of affordable rental housing spanning 23 properties located in 11 different states.

“We are pleased to announce the closing of our largest multi-investor LIHTC fund to date, which comes at a critical time as our nation confronts a growing affordable