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.

Walker & Dunlop Inc. have completed financing for the acquisition of Bellemeade Farms Apartments, a 316-unit multifamily community located in Leesburg, Va. Walker & Dunlop's Alexandra Huffman and Andrew Tapley led the team in arranging the $45,337,000 transaction on behalf of Capital Square 1031.

The origination team rate-locked a 10-year, fixed-rate loan, just one day after the application was completed. Also, the team assisted Capital Square 1031 in structuring its debt to accommodate the intricacies of the Delaware Statutory Trust structure, permitting investors to acquire interests in the property in a tax-deferred exchange under Section 1031 of the Internal Revenue Code.

Bellemeade Farms Apartments is the tenth execution that Huffman and Tapley have originated for their longstanding client over the last three years, totaling over $200 million in agency debt.

"Walker & Dunlop has done a superb job of originating loans for Capital Square 1031. In spite of our fairly complex DST structures, Walker & Dunlop has performed at the highest level. We have been able to rate-lock early, obtain third-party reports, and close quickly and efficiently. Andrew and Alexandra have given us a competitive advantage amongst DST sponsors and have helped us to grow to over $1 billion of assets sponsored for the program," stated Louis Rogers, CEO of Capital Square 1031.

Situated on 15.7 acres, Bellemeade Farms Apartments is comprised of 12 residential buildings and a clubhouse with a leasing office. Community amenities at the property include a 24-hour fitness center, tennis court, dog park, community garden, an outdoor lounge with newly renovated grilling stations, and a resort-style pool.

In addition to its top-notch facilities, the community is ideally located in Loudoun County, which has the highest median household income in the U.S. Furthermore, Amazon's HQ2 in Crystal City and the Metro's Silver Line extension

Cushman & Wakefield has completed a $106.7 million sale of apartments to the Walden Group. The sale included 18-properties, 1,858 units comprised of apartment communities throughout the Southeast on behalf of Varden Capital Properties. Tyler Averitt and Craig Hey of Cushman & Wakefield represented the seller in the transaction.

“This was a unique situation where two key private capital clients were able to do a mutually favorable cross-market portfolio sale with our Southeast Multifamily group at Cushman & Wakefield,” said Hey. “VCP was able to amass the portfolio by purchasing properties that were more complicated executions than the average buyer would be willing to do.”

The properties in the portfolio include:

• Seven properties across Alabama.
• Five properties in Pensacola, Fla.
• Three properties across Tennessee
• One 200-unit property in Pascagoula, Mississippi.
• One 203-unit property in Winston-Salem, N.C., and
• One 223-unit property in Houston.

“The portfolio timing also allowed the buyer to line up dispositions through Cushman & Wakefield, so they acquired many of the assets with tax-free 1031 money, ever compounding the initial investment from their private equity partners,” said Averitt.