Boston Capital, the third largest owner of apartments in the United States, has made its first investor closing on the Boston Capital Income & Value U.S. Apartment Fund (BCIV). The Luxembourg-based vehicle is registered for up to $500 million in equity. Investors will include financial institutions, pensions, and wealth managers from Europe (including Scandinavia) and Asia. The fund will acquire, reposition, and make capital improvements to existing market-rate apartment properties in the United States. The fund already has two seeded assets valued in excess of $85 million, providing immediate capital deployment and current returns for investors. Mark Dunne, managing director of Boston Capital Real Estate Partners, said that the fund will pursue value “from existing multifamily apartment properties located in infill suburban ring locations in primary and secondary metropolitan areas.”
