Red Stone Equity Partners LLC, a real estate investment firm based in New York City, recently announced the successful closing of their latest venture – Red Stone Equity – Fund 113 Limited Partnership. This multi-investor fund has raised $263.2 million and is focused on investing in Low-Income Housing Tax Credit (LIHTC) projects.
This marks the 18th national LIHTC fund offering to close since Red Stone’s establishment and is also their largest to date. The new fund will support 13 ground-up construction projects, two renovation projects, and four adaptive re-use developments across the country, providing affordable housing for a total of 1,672 households.
What sets this fund apart is that eight properties within it will qualify for federal energy tax credits while nine others will be developed by Minority or Women-owned Business Enterprises (MWBEs). According to Ryan P. Sfreddo, CEO of Red Stone Equity Partners LLC: “We are very pleased to announce the closing of our largest multi-investor LIHTC fund vehicle…which will bring high-quality affordable housing to more than 1
