Red Stone Equity Partners Achieves Remarkable $1.43 Billion Milestone
Red Stone Equity Partners Achieves Milestone in Affordable Housing Investments
Red Stone Equity Partners LLC, a premier real estate investment firm, has announced significant achievements in affordable housing investment. In 2024, the company raised an unprecedented $1.43 billion from various limited partners. This monumental achievement highlights Red Stone Equity's unwavering commitment to contributing solutions to the affordable housing crisis.
Historic Fundraising Success
The $1.43 billion raised in 2024 reflects an impressive collective effort from 29 different investors. The funds were allocated through various formats, including $835 million in proprietary Low Income Housing Tax Credit (LIHTC) fund format, $578 million in multi-investor LIHTC fund format, and an innovative $14.8 million non-LIHTC preservation fund equity. This marks the company's inaugural venture into the affordable housing preservation market.
Impact on Affordable Housing Development
With the capital raised, Red Stone Equity's investment funds supported 73 LIHTC properties across numerous states. The company has a proud legacy of financing over 800 LIHTC properties, resulting in the creation of more than 68,000 affordable housing units, alongside substantial solar energy installations. Their impact can be felt in communities that desperately need sustainable and affordable housing solutions.
Major Fund Launches
2014 was also notable for the launch of Red Stone Equity’s largest multi-investor LIHTC funds to date: Fund 111 and Fund 113. Fund 111, totaling $256.3 million, included ten institutional investors, whereas Fund 113 raised $263.2 million. Combined, these funds are set to facilitate construction and rehabilitation of affordable housing communities, ultimately adding 3,179 essential rental units to the market while generating approximately 8,200 jobs.
Commitment to Preservation Initiatives
First Non-LIHTC Investment
In a forward-thinking move, Red Stone Equity made its first non-LIHTC investment in affordable housing preservation with a $14.8 million investment in Forest Park Apartments. This timely initiative aligns with their mission to retain existing affordable housing in a landscape that increasingly favors market-rate development, demonstrating their commitment to community well-being.
Leadership Growth
Red Stone Equity is also welcoming new leadership talent as part of its growth strategy. Effective January 1, 2025, Alyssa Thomas is set to become the company’s first female Chief Financial Officer, reflecting the firm's commitment to diversity and inclusion. Darren Swanson is also joining the executive team, bringing with him significant experience in acquisitions and real estate investment.
Leadership's Vision for the Future
CEO Ryan P. Sfreddo expressed pride in the firm’s achievements and highlighted the pressing demand for safe, affordable housing across the nation. He emphasized that Red Stone Equity remains dedicated to leveraging its resources to enhance the lives of individuals and families in need.
Understanding Red Stone Equity Partners
Red Stone Equity Partners LLC operates as a leading name in real estate investment, specializing in the syndication of Low Income Housing Tax Credits. The firm has built strong relationships with both investors and developers, which is pivotal to its success. Over the years, Red Stone Equity has facilitated the development and rehabilitation of numerous properties, ensuring sustainable growth in the affordable housing sector.
Frequently Asked Questions
What is the significance of the $1.43 billion raised?
The $1.43 billion raised is a record for Red Stone Equity and emphasizes their commitment to affordable housing initiatives.
How does Red Stone Equity impact the affordable housing market?
Red Stone Equity facilitates the development and preservation of affordable housing units across various states, addressing housing shortages.
What are Fund 111 and Fund 113?
Fund 111 and Fund 113 are the largest multi-investor LIHTC funds launched by Red Stone, aimed at funding affordable housing projects.
Who are the key executives at Red Stone Equity?
Alyssa Thomas has been promoted to CFO, and Darren Swanson has joined the executive team, reinforcing leadership in the company.
Where can I find more information about Red Stone Equity?
Further information about Red Stone Equity can be obtained through their official website and social media channels.
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