PEABODY, MASS.—Stratford Capital Group announced the closing of Stratford Fund III, a $50 million low-income housing tax credit investment limited partnership.

Fund III is comprised of six institutional investors, including a Stratford affiliate. “We were able to attract existing investors as well as several new investors in a very difficult economic environment,” said Benjamin Mottola, president of Stratford, in a statement.

The fund will be comprised of six properties totaling approximately 1,000 apartment units located in Iowa, Wisconsin, Kentucky, Louisiana, and Florida.

The company is a privately held Boston-based real estate investment and development firm. Its multifamily rental housing portfolio consists of 6,680 units in 17 states and the District of Columbia.