BOSTON–(COMMERCIAL THREAD) –Boston capital, the third largest apartment owner in the United States with more than $ 19.6 billion invested, is pleased to announce the final investor closing of the Boston Capital Income and Value US Apartment Fund (âBCIVâ). BCIV, a Luxembourg-based multi-investor discretionary fund vehicle, includes financial institutions, insurance companies, pensions and family offices among its investors and will acquire more than $ 350 million of apartment buildings in the States -United.
âWe are very pleased to close BCIV, the latest in a succession of institutional investment vehicles through Boston Capital’s conventional apartment investment arm, Boston Capital Real Estate Partners (âBCREâ), âsaid Jeff Goldstein, chief operating officer and director of real estate at Boston Capital.
The Fund generates high current dividends and capital growth by acquiring and renovating Class B apartment buildings located in the US primary and secondary markets and targeting a renovated rental price well below new construction rates, which that attracts a profile of middle and upper middle income tenant.
BCIV completed its fourth acquisition in the Fund in June, La Costa Apartments in Dallas, and is renovating three previously acquired properties in Atlanta, Phoenix and Charlotte. This brings the Fund’s current holdings to 1,330 apartments. The Fund intends to acquire two or three more properties by early 2019.
Mark Dunne, Managing Director of BCRE, adds: âWe are delighted to close BCIV as we continue to innovate in the structures and strategies of our apartment investment offerings. With the support of our institutional investment partners, the BCIV locates and extracts untapped value from existing multi-family properties in infill suburban rings in primary and secondary metropolitan areas across the United States With four high performing assets already in the Fund, we plan to complete the investment phase over the next 9-12 months and start marketing the next fund in this series by early next year.
Citigroup Global Markets acted as placement agent for BCIV.
BCRE specializes in creating and executing market-rate, opportunity-driven real estate equity investments across the United States using institutional vehicles, private investors and private REITs. BCRE has invested approximately $ 1.4 billion in assets at market rates, expanding Boston Capital’s reach, product coverage and holdings in most major and secondary markets in the United States.