LOS ANGELES, CA - The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital designed to address the nation’s growing shortage of affordable workforce housing, has expanded its portfolio with the acquisition - within the past three months - of four multifamily housing communities, totaling more than 1,300 units in the key growth markets of Dallas, Austin, and Las Vegas. The acquisitions expand the fund’s total portfolio to nearly 2,500 units.
The new acquisitions are Legends on Lake Highlands, 356 units in a garden-style complex in the Lake Highlands community northeast of downtown Dallas; the View at Kessler Park, 299 units in an 11-story high-rise in the North Oak Cliff neighborhood of Dallas; the Park at Stone Creek, 420 units in a garden-style complex north of downtown Austin; and the Enclave, 258 units in a garden-style complex just east of the Las Vegas Strip in Las Vegas.
Each acquisition advances the fund’s objective of acquiring, enriching and preserving critically needed rental housing for families who earn less than the area median income and live in densely populated, ethnically diverse urban 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.
The Turner Multifamily Impact Fund seeks to address the nation’s acute housing affordability crisis by preserving the workforce housing status of the properties it acquires and implementing property management improvements and resident-focused services that enhance day-to-day operations and the quality of life for its residents – while generating strong risk-adjusted financial returns for leading private and institutional investors. These programs may include after school tutoring, community health and well-being services, and neighborhood watch programs.
The fund currently owns six multifamily properties, and is expected to eventually acquire and manage up to $1 billion in apartment communities in underserved urban communities throughout the country over the next two years. Previous acquisitions are located in the greater Miami-Fort Lauderdale metropolitan area, and Prince George’s County, Maryland near Washington, D.C.
“The demand for quality workforce housing continues to grow, driving rents higher in communities across the country,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “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.”
Legends on Lake Highlands consists of 356 units in 27 two- and three-story garden-style residential buildings built in 1971 and 1979. Amenities include two swimming pools, a fitness center and a dog park. The property is located near the “Telecom Corridor,” a large technology business center that accounts for more than 80,000 jobs, as well as Texas Health Presbyterian Hospital Dallas, Texas Instruments, and NorthPark Center, a large regional mall.
The View at Kessler Park is an 11-story residential building with 299 units built in 1963 and renovated in 2012. Its amenities include a swimming pool, fitness center, resident activities center, theater with bar and billiards table, picnic area and dog park. The property is located near Downtown Dallas and the Bishop Arts District as well as UT Southwestern Medical Center and other employment centers in the medical field.
The Park at Stone Creek was built between 1981 and 1983 in North Austin, Texas, with 420 units spread across 18 acres. Amenities include two swimming pools, a fitness center, a community clubhouse, a lighted sports court, landscaped grounds with picnic and grill areas, a playground, a disc golf course, and a dog park. The property is located near public transit as well as a variety of employment drivers, including Samsung Austin Semiconductor, a GM Technology Center, Austin public schools and large retailers.
The Enclave was built in 1978 just east of the famed Las Vegas Strip, with 258 units spread across 11 acres. Amenities include two swimming pools, two sports courts, a gym, business center, remodeled clubhouse, three laundry facilities, and a dog park. The property is easily accessible by public transit, within walking distance of the University of Nevada, Las Vegas, and one mile from McCarran International Airport.
“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. Moreover, many are located near charter school campuses built by our affiliate, the Turner-Agassi Charter School Facilities Fund,” said Gee Kim, President of Multifamily Housing Initiatives. “By enriching these properties with valuable resident-focused services in the areas of education, health care and security, we can help to strengthen these communities and ensure they remain affordable to working families – all while delivering consistent returns for investors.”
Earlier this month, Turner Impact Capital announced that celebrated actress and philanthropist Eva Longoria had joined forces with the firm as a partner and ambassador for the Turner Multifamily Impact Fund. In those roles, Longoria will help raise awareness about the critical need for workforce housing in the United States and help ensure that the fund is meeting the needs of residents in urban communities.