"This is a fund that is already investing in properties, so when we closed the fund it means we closed the raising of the money that was going into deals which we've already acquired in our portfolio," David Gasson, VP and director of corporate communications of Boston Capital, tells GlobeSt.com. "So, the fund is closed now, the deals have been acquired and most of them, all of them, I believe, are new construction."

The fund has 3,281 apartment units in total, including three senior and six EarthCraft House certified developments. The EarthCraft House program is a voluntary program that engenders green building by providing a blueprint for homes that reduce utility bills and protect the environment. The program began in 1999 strictly in Atlanta and the Atlanta-metro region, but has since expanded throughout the southeastern US. The six developments acquired by Fund XXX are in Virginia.

"At a challenging time for the US economy and credit markets, we are very pleased to close a fund consisting of high quality assets and strong investor interest in these assets," says Jack Manning, president and CEO of Boston Capital in a statement. "The appetite for these investments is reflective of the high standards inherent in our investment offerings. We will continue to provide our developer partners and our investors the best finance and investment programs in the business."