Municipal Capital Appreciation Partners
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Expertise in Tax-Efficient Real Estate Investments

Municipal Capital Appreciation Partners (MCAP) employs highly experienced private equity professionals who invest in: 1) real estate that can be refinanced with municipal bonds, and 2) distressed, defaulted and non-rated municipal revenue bonds secured by real estate.

Since its inception in 1996, the MCAP Funds have made investments over $860 million in senior living communities, multifamily properties, affordable housing and tax credit related investments. The MCAP Funds have purchased and/or developed more than 2,380 senior living community units and 9,400 multifamily housing units nationwide. 

The experienced team that manages the MCAP Funds currently oversees:

  • The ownership and management of 25 senior living communities with a combined capacity of 2,070 residents in three states
  • The operation of approximately 2,830 multifamily units, including four tax credit partnerships, in nine states
 The MCAP Funds currently have assets under management of $560 million.