Red Stone Equity Partners LLC, a privately-owned real estate finance and investment company specializing in affordable multifamily fund management, announced that 2024 marked the most productive year in the Company’s history as it surpassed $11.3 billion in equity raised and invested since the firm’s 2007 inception.
Red Stone Equity raised $1.43 billion of affordable housing fund equity from 29 different LPs in 2024, comprised of (i) $835 million in proprietary Low Income Housing Tax Credit (“LIHTC”) fund format; (ii) $578 million in multi-investor LIHTC fund format; and (iii) $14.8 million of non-LIHTC preservation fund equity, marking the Company’s first deal in the affordable housing preservation space. In 2024, Company-sponsored investment funds invested in 73 LIHTC properties located in 26 different states or districts and developed by 57 different developer partners. Since inception, Red Stone Equity-sponsored investment funds have financed the construction and/or rehabilitation of over 800 LIHTC properties containing more than 68,000 units of affordable housing, as well as 932 megawatts of standalone solar energy installations, located in 46 states, Washington, D.C. and Puerto Rico.
Contributing to the historic year, Red Stone Equity sponsored and closed the Company’s largest two multi-investor LIHTC fund vehicles in its history, Red Stone Equity – Fund 111 Limited Partnership (“Fund 111”) and Red Stone Equity – Fund 113 Limited Partnership (“Fund 113”). Fund 111 is a $256.3-million multi-investor LIHTC investment fund with investments from 10 different institutional investors, eight of which are repeat Red Stone Equity fund LPs and two of which are first-time Red Stone Equity LPs. Fund 113 is a $263.2-million multi-investor LIHTC equity investment fund and marks the company’s 18th multi-investor national LIHTC fund to close since the Company’s inception and includes investments from 10 institutional investors, eight of which are repeat Red Stone Equity LPs and two of which are first-time Red Stone Equity LPs. Together, Fund 111 and Fund 113 will help finance the construction and/or rehabilitation of 38 affordable housing communities, providing 3,179 units of much-needed affordable rental housing across the country and creating approximately 8,200 jobs in the areas they serve.
Also contributing to the record-breaking year, Red Stone Equity sourced and closed its first non-LIHTC investment in the affordable housing preservation space by sponsoring a $14.8 million investment in Forest Park Apartments, a 228-unit affordable housing community located in Austin, that was at risk of being converted to market-rate housing. This new fund management initiative aligns with the Company’s long-standing commitment to create and preserve affordable rental housing, and is focused on acquiring and preserving existing affordable rental housing in high-cost markets through private equity funding.
“Raising $1.43 billion in affordable housing equity in a single year is a remarkable achievement,” said Ryan P. Sfreddo, CEO of Red Stone Equity. “It is a testament of our incredible team of investment professionals, the unwavering support of our investor and developer partners, and the innovative and best-in-class platform we have built over the last 18 years. I am incredibly proud of the impactful work we accomplished in 2024 here at Red Stone Equity, but there is so much left to do. Given the breadth and depth of the housing crisis gripping our nation, far too many Americans don’t have a safe place to rest their heads at night, and the resulting need for safe, secure, affordable housing has never been greater. Looking ahead, we are laser-focused on investing the time, energy and resources to execute on our strategic plan, and to serve our people, valued clients and the communities in which we work.”
The Company also recently announced two promotions within its executive management ranks. Effective January 1, 2025, Alyssa Thomas, Managing Director of Portfolio Management, has been promoted to the position of Chief Financial Officer. With the promotion, Thomas becomes the firm’s first female C-suite executive, while also continuing in her role as co-head of Portfolio Management. She has transitioned into the CFO position over the past year, succeeding Mike Wiggers who was previously promoted to President of the Company on July 1, 2023. Thomas has been with the company for 14 years and brings over 20 years of experience in real estate and affordable housing to her new position. Also effective January 1, 2025, Darren Swanson, Managing Director | Acquisitions, has joined the Company’s Executive Management Team, bringing the size of the group to 12 members. Swanson has been a valued member of the team for nine years and is responsible for the origination, structuring, acquisition, and syndication of the Company’s investment activities in the southeastern region. Swanson has more than 20 years of experience in LIHTC syndication, real estate lending and investing.
“Our people are our most important asset,” added Mike Wiggers, President of Red Stone Equity. “I would like to congratulate all of our team members on a job very well done in 2024, and to acknowledge the well-deserved 2025 promotions for several individuals, including Alyssa and Darren. Both of them were natural choices to take on additional leadership roles given their depth and breadth of experiences in tax equity syndication, as well as their valued contributions to our Company’s growth and success. I look forward to working closely with them and the rest of the executive management team to continue Red Stone Equity’s growth story and strategy.”
Red Stone Equity Partners LLC (“Red Stone Equity” or the “Company”) is a leading real estate investment firm specializing in the syndication of Low Income Housing Tax Credits to facilitate the development of affordable multifamily rental housing. Red Stone Equity builds upon long-lasting relationships with investors and developers as it acquires, structures, and provides long-term asset management services to its institutional clients. Since inception, Red Stone Equity has raised over $11 billion of tax credit equity with these funds having been used to finance the construction and/or rehabilitation of more than 800 LIHTC properties containing more than 68,000 units of affordable housing, as well as 932 megawatts of standalone solar energy installations, located in 46 states, Washington, D.C. and Puerto Rico. Red Stone Equity has offices in Boston, Charlotte, Chicago, Miami, New York, and San Diego.
