City Real Estate Advisors, Inc. (CREA), has closed its latest low-income housing tax credit fund, CREA Corporate Tax Credit Fund XXVI, LLC, with a total of $121 million raised.
The fund will help finance 19 affordable housing properties in 10 states.
Nine investors, including three that are new to CREA, took part in Fund XXVI, which offered two investment classes–Premium (6.35 percent IRR) and Class A (5.85 percent IRR).
CREA will bring its next national fund to the market soon with a scheduled closing date in September and estimated size of $150 million.
Headquartered in Indianapolis, the firm has offices in Boston; Austin, Texas; and Portland, Ore. Formed in 2001 as a wholly owned subsidiary of City Financial Corp., CREA has raised more than $1 billion in investor equity.