Dealmaker: Turner Multifamily Impact Fund Acquires Four Multifamily Communities
The Turner Multifamily Impact Fund, Los Angeles, expanded its affordable workforce housing portfolio by acquiring four multifamily properties in Dallas and Austin, Texas and Las Vegas.
Turner Impact Capital manages the real estate investment fund designed to address the growing shortage of affordable workforce housing. The 1,333 new units expand the fund’s portfolio to nearly 2,500 units.
The new acquisitions include Legends on Lake Highlands, with 356 units in Dallas’s Lake Highlands community, the View at Kessler Park, with 299 units in Dallas’s North Oak Cliff neighborhood, the 420-unit Park at Stone Creek north of downtown Austin and the Enclave, a 258-unit garden-style community near the Las Vegas Strip.
“These properties embody all the characteristics we look for in new acquisitions: they are strategically located in dense, high-demand areas and are affordable to a workforce population that is highly diverse,” said Turner Multifamily Impact Fund President of Multifamily Housing Initiatives Gee Kim.
Kim said TMIF plans to preserve the properties’ workforce housing status and improve property management to enhance residents’ quality of life while generating strong risk-adjusted returns for the fund’s private and institutional investors.
The fund now owns six multifamily properties in Texas, Nevada, the Miami-Fort Lauderdale metropolitan area and Prince George’s County, Md. near Washington, D.C. and expects to acquire up to $1 billion in rental communities in underserved urban communities throughout the country over the next two years.
“The demand for quality workforce housing continues to grow, driving rents higher in communities across the country,” said Turner Impact Capital Principal and CEO Bobby Turner. “Nearly half of all renters in America spend more than 30 percent of their income on rent, and one quarter spend more than half of their income on rent. These figures are simply unsustainable over time. Our fund’s new acquisitions will make a big difference in the lives of more than 2,100 individuals in Dallas, Austin and Las Vegas.”