LAUDERHILL, FL - The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital that is dedicated to acquiring, enriching and preserving critically-needed workforce rental housing across the United States, has acquired The Glen at Lauderhill, a 405-unit, 27-building garden-style housing community located in the city of Lauderhill, Florida, in the greater Miami-Fort Lauderdale metropolitan area.
This is the second acquisition by the Turner Multifamily Impact Fund, which launched earlier this summer with plans to acquire and manage up to $1 billion in apartment communities in underserved urban communities throughout the country. As rents and multifamily values continue to rise, the Fund is seeking to preserve and enrich existing apartment communities for residents earning up to 80% of area median income, while generating strong risk-adjusted financial returns for private and institutional investors.
“Increasingly, people earning 50% to 80% of the median income are being priced out of quality housing options, especially in urban markets,” said Bobby Turner, CEO of Turner Impact Capital. “Many are spending up to 50% of income on their rent, and that’s untenable. We are aiming to preserve workforce housing stock and create pride in rentership by enriching the properties through the delivery of meaningful services to residents in the areas of education, healthcare and security.”
Most residents at The Glen work in administrative, sales, food preparation, transportation/moving services, and other community serving roles in healthcare and education near the property.
“We have already begun to evaluate the specific needs of the residents and to reach out to local organizations and stakeholders to determine how best to deliver relevant programs effectively on-site,” said Gee Kim, Principal at Turner Impact Capital. “Local partnerships are at the core of creating positive, sustainable change in this community.”
Built in 1989, The Glen is located on 26.5 acres and offers a lower-cost housing option for residents who work in the Miami-Fort Lauderdale metropolitan area. Offering a unit mix of one to three bedrooms, the property has recently undergone a major renovation, which includes a new community building with leasing offices, a fitness center, business center, and community room. Other features of the community include controlled gated access, a fenced-in dog park, a playground and a pool. Currently, the community is home to over 800 residents, including 119 minors.
“South Florida’s economy is expanding vigorously, led by strong job creation in its trade and construction sectors. The demand for quality affordable rental housing in the area will continue to rise, and we think it is critically important to preserve and enrich the workforce housing that is already there,” said Dan Millman, Principal and Chief Operating Officer of Turner Impact Capital. “We are enthusiastic to begin enhancing this property in support of the working-class families that call The Glen home, and have our eye on expanding our efforts to other multifamily communities across Florida.”