The Greenwich-based Richman Group Affordable Housing Corp. announced it raised $450 million in equity financing across three separate institutional, multi-investor affordable housing tax credit funds.
According to the company, these funds will acquire, rehabilitate and/or newly construct over 50 properties and provide safe, quality, affordable rental units to more than 4,300 households. Institutional investors in these funds include the nation’s leading banks and insurance companies.
The properties acquired by the three funds will add to Richman’s existing portfolio of more than $13 billion of equity under management, invested in almost 1,300 properties with more than 115,000 units located throughout the U.S. and its territories. Richman has the nation”™s seventh-largest portfolio of rental apartments.
“Each fund offered a unique investment opportunity to our investors,” said Stephen M. Daley, executive vice president, who leads Richman’s equity-raising activities. “The largest of three funds offered a diversified pool of properties located throughout the U.S. The second fund will acquire properties located in the western states and was an ideal vehicle for investors with a targeted geographic focus. The third fund will acquire properties located exclusively in Puerto Rico. This was Richman’s second Puerto Rico-focused fund and will provide much-needed housing for the island’s residents.”
