Red Stone Equity Partners, a privately-owned real estate finance and investment company specializing in multifamily residential funds and financings, completed the closing of Red Stone Equity--2018 CA Regional Fund, L.P. , a $74-million multi-investor Low Income Housing Tax Credit investment fund. The CA Fund is the first California-specific Red Stone Equity multi-investor fund offering and includes investments from eight institutional investors.
The CA Fund's proceeds will be used, along with other project-level financing sources, to finance the construction or rehabilitation of seven affordable housing properties in suburban, urban and rural areas of California. The properties—located within the cities of Antioch, Goshen, Oakland, Redding, San Diego, San Luis Obispo and Stockton—will provide 517 high quality affordable homes to low income households throughout California.
"This is the first fund that Red Stone Equity has raised to focus exclusively on the construction or rehabilitation of affordable housing in the state of California," said Matt Grosz, a director in Red Stone Equity's Acquisitions Group. "
With $4.5 billion of tax equity raised and under management, Red Stone Equity has now invested nearly $500 million in California alone since the firm's 2007 inception. These funds having been used to finance the construction or rehabilitation of more than 3,400 units of affordable housing across 43 properties throughout the state.
"Too many Californians with limited incomes continue to be left behind as they struggle to pay for shelter, food, medical care and other basic necessities,” said Ryan P. Sfreddo, Red Stone's managing director of investor relations.