R4 Capital announced that it has closed its fifth low-income housing tax credit (LIHTC) fund of the year, with an initial $43.4 million of a $53.5 million California multi-investor fund.

R4 California Housing Partners features eight properties with 553 affordable housing units.

“This fund represents both our long-standing commitment to providing affordable housing in California and our strong presence in that marketplace,” said Ronne Thielen, an executive vice president with R4 Capital, who heads the firm’s California office in Santa Ana, in a statement. “In California, the need for affordable housing continues to grow even as local capital sources have been eliminated.”

With the closing of the latest fund, R4 Capital has raised more than $285 million of equity in the last 18 months.

A national LIHTC syndicator, R4 Capital was founded in 2011 and is led by industry veteran Marc Schnitzer.

Meridian Investments served as the placement agent for the California fund, and Nixon Peabody served as the legal counsel.