The Richman Group Affordable Housing Corp. announced the closing of a $257 million fund that will invest in 32 properties in 13 states.

Ten institutional investors, representing several leading insurance and banking institutions, provided equity for the fund, U.S.A. Institutional Tax Credit Fund LXXXVII, LP.

The properties acquired by Fund 87 will provide affordable housing for family, seniors, and special-needs residents and will add 2,241 units to Richman’s portfolio, which exceeds 113,000 units.  

“Fund 87 was our second multi-investor offering in 2011 and provided investors with a diversified portfolio of properties in strong markets throughout the United States,” said Executive Vice President Stephen M. Daley in a statement. “More than 80 percent of the properties in the fund will be sponsored by developers whose other properties were acquired by funds previously sponsored by our firm.”

In addition to the multi-investor fund offerings, Richman closed several proprietary fund programs in 2011.