The fund is looking to take advantage of the "rise in LIHTC yields to double digit[s]" and the "drop in Treasury rates," according to a statement. Recently, Boston Capital closed on its Fund XXXI, which also focused on affordable apartments. The XXXI fund leveled out with 30 affordable apartments over 12 states with a total equity invested of $120 million.

"We review and acquire properties from all regions of the country as the portfolio of our recent Fund XXXII reflects," Kevin Costello, director of institutional investing at Boston Capital tells GlobeSt.com, pointing out that they are not looking for distressed assets at this point. Boston Capital is eying the struggling multifamily markets, as well as oft-positively performing ones.

"In our due diligence review, we are particularly sensitive to regional or local economic issues that could affect the viability of a transaction," he explains. "Accordingly we have found it necessary to exercise caution in these specific regions or locations such as the Midwest. Conversely in general both the East and West coast tend to experience superior demographics and therefore attract more capital."