Turner Impact Capital, a real estate investment firm dedicated to social impact, has launched Turner Multifamily Housing Fund II (TMIF II), which plans to invest an additional $1 billion in affordable workforce apartment communities in major metropolitan areas.
In September, TMIF II closed on the acquisition of the SouthRidge apartment community near Washington, D.C. SouthRidge is the third multifamily investment by TMIF II, which acquired 1,325 units in the Washington, D.C., Chicago and Austin metropolitan areas in 2019.
“We are pleased to be enlarging and extending our commitment to preserve workforce housing that serves the families who make up the backbone of our communities. These residents include teachers, police officers and healthcare professionals who earn too much to qualify for subsidized apartments but can’t afford newer luxury or upgraded housing,” said Bobby Turner, CEO of Santa Monica, California-based Turner Impact Capital. “As the nation’s housing crisis continues to deepen, especially in high-cost urban areas, our funds provide accessible and service-rich housing to low- to moderate-income households while delivering strong investment returns for our investors.”
The Turner Multifamily Impact Fund I, launched in 2015, has invested nearly $700 million to acquire, preserve and enrich 22 affordable workforce housing communities, totaling 7,840 units in diverse, densely populated urban areas. Turner Impact Capital now oversees nearly 10,000 units in eight markets, and expects to acquire, preserve and enrich up to an additional 10,000 units over the next several years.