Turner Impact Capital, one of the nation’s largest real estate investment firms dedicated to social impact, has acquired Portola Del Sol, a 350-unit affordable workforce housing community in Las Vegas. This is Turner’s fourth acquisition in the Las Vegas area. Nationwide, the Turner Multifamily Impact Funds are on course to invest up to $2 billion to acquire up to 20,000 units over the next several years.
“By acquiring Portola Del Sol, we are able to create housing stability for over 670 residents and enhance their quality of life by delivering valuable enrichment services. In doing so, we are creating a ‘pride of rentership’ that leads to longer tenancies due to a better experience and stable rent levels,” said Bobby Turner, CEO of Los Angeles-based Turner Impact Capital. “By harnessing market forces, our innovative model provides strong returns for investors while meaningfully improving and enriching people’s lives. We are realizing the promise of social impact investing.”
Located four miles from the Las Vegas Strip, Portola Del Sol includes 350 garden-style units ranging from one to thre bedrooms in 26 residential buildings. Amenities include a fitness center, children’s play area, pool and dog park. The fund will explore a range of sustainability enhancements on the property, including xeriscaping and other measures to conserve water, as well as electricity-saving measures such as LED lighting, HVAC upgrades and Energy Star appliances.
The Turner Multifamily Impact Funds acquire, enrich and preserve rental housing for families who earn less than the area median income and live in densely populated, ethnically diverse communities. Residents include community-serving professionals such as teachers, police officers, health care workers, service workers and others who earn too much to qualify for subsidized housing, but not enough to afford higher-cost apartments or home ownership in areas near their workplaces. Consistent with the Turner Impact model, Portola Del Sol will provide free, resident-focused programs on-site, such as afterschool homework help, employment assistance, community health services and neighborhood watch programs.
