Greystone Real Estate Capital has completed the closing of Greystone Affordable Housing Fund II LP, a multi-investor Low-Income Housing Tax Credit vehicle with $137 million in committed equity. The new fund is designed to channel capital into both the development and long-term preservation of affordable rental housing across a diversified portfolio.
According to Greystone, Fund II is expected to help finance approximately 1,960 affordable housing units. These units are spread over 20 properties located in nine states, reflecting an investment strategy that is both multi-market and portfolio-based rather than focused on a single region or asset. The assets supported by the fund are intended to serve households that qualify under LIHTC affordability criteria.
The capital program is heavily oriented toward experienced counterparties: roughly 84% of the equity commitments are earmarked for projects led by developers who have previously worked with Greystone. By concentrating most of the fund’s resources with repeat sponsors, the platform aims to leverage existing relationships and execution track records in delivering and maintaining affordable communities.
Fund II’s pipeline combines both new construction and rehabilitation activity, with about 60% of the portfolio tied to ground-up projects and 40% allocated to the renovation of existing properties. This mix supports the expansion of affordable housing supply while also addressing the capital needs of aging assets that require reinvestment to remain viable and compliant over time. The dual focus on creation and preservation illustrates how LIHTC equity continues to be used as a flexible tool across the lifecycle of multifamily properties.
Greystone positions this latest closing as part of a broader build-out of its affordable housing investment platform. Within a period of less than one year, the firm reports closing more than $240 million of multi-investor fund equity across its LIHTC offerings. Over the same timeframe, Greystone has formed 13 new institutional investor relationships specifically focused on LIHTC strategies, while also aligning with a range of established affordable housing developers.
Todd Jones, chief investment officer at Greystone Real Estate Capital, described Fund II as an important step in the company’s affordable housing growth trajectory. He highlighted the combination of fresh institutional capital and partnerships with recognized developers as central to Greystone’s approach in scaling its LIHTC platform. While detailed project-level information was not disclosed, the fund’s size, unit count and multi-state reach point to a material pipeline of affordable multifamily activity supported by tax credit equity.
