BOSTON, March 24, 2016 /PRNewswire/ -- Michel Associates, Ltd., today announced the closing of the Company's Countryside Corporate Tax Credits Fund XXIII, a $28 million Low-Income Housing Tax Credit (LIHTC) fund. The Fund is expected to invest in a portfolio of multifamily properties located in New England.
Commenting on the closing, Ken Michel, President and Chief Executive Officer of Michel Associates said, "Our team has put together a strong portfolio of properties. We very much appreciate the confidence of our corporate investors and developer partners."
The Fund is comprised of three family properties located in Massachusetts and New Hampshire. The 149 units contained in the properties acquired by the Fund increases the firm's portfolio to approximately 13,000 units.
About Michel Associates, Ltd.
Michel Associates, Ltd. is a Boston based real estate syndication firm that invests in affordable housing. Formed in 1986, Michel provides real estate and financial services including the private placement of Low Income Housing Tax Credit (LIHTC) limited partnerships and Asset Management services. Since its inception, Michel Associates, Ltd. has sponsored 40 LIHTC Limited Partnerships with a total capitalization (debt and equity) of over $1.5 billion. Our nationwide portfolio encompasses 359 LIHTC properties consisting of approximately 13,000 affordable apartment units located throughout 43 states, the District of Columbia and the Commonwealth of Puerto Rico. Michel provides ongoing Asset Management services for all its partnerships. For further information, please visit www.MichelLtd.com.
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SOURCE Michel Associates, Ltd.