Peabody, Massachusetts, January 7, 2011: Stratford Capital Group, LLC (“Stratford Capital”) is pleased to announce the conclusion of a successful 2010 in raising over $125 million in equity for 21 affordable housing projects representing 2,879 apartment units available for rent to Low-Income Housing Tax Credit (“LIHTC”) qualified tenants in Arkansas, Connecticut, Florida, Georgia, Iowa, Kentucky, Louisiana, Maryland, Michigan, Minnesota and Wisconsin. These affordable housing acquisitions included projects financed, in part, with both 4% and 9% LIHTC.
“Our success during 2010 was due, in large part, to the strong relationships and high level of trust that we have cultivated with both low-income housing tax credit developers and investors over the past decade, along with our proven ability to execute transactions” said Ben Mottola, Stratford’s President and Chief Operating Officer. Mr. Mottola added, “we have an outstanding roster of both investors and developers and are greatly looking forward to a successful 2011.”
Stratford Capital is a five year old Boston, Massachusetts based real estate investment, development and asset management firm whose principals have over 100 years of combined experience in all aspects of affordable and conventional multifamily rental housing. Stratford Capital’s current multifamily rental housing portfolio consists of approximately 8,000 rental apartment units in nineteen states and the District of Columbia.
I have worked with the principals of the Stratford Capital Group for several years and have invested in a number of their multifamily offerings as an economic joint venture partner, for tax credits and also as a bridge loan participant. They are disciplined, know what the objectives are and detailed from an asset management perspective. Our relationship has been rewarding, and throughout it, they have treated us like partners.