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 of four multifamily housing communities, totaling approximately 1,300 units in the key growth markets of Houston, Atlanta, and Las Vegas. The acquisitions, secured within the past several months, expand the fund’s total portfolio to approximately 4,500 units across eight markets.
The new acquisitions are all garden-style apartment communities, and include: Maravilla, 212 units located northeast of the Las Vegas Strip in Las Vegas; Woodland Ridge, 302 units located northeast of Downtown Atlanta; Sonoma Ridge, 440 units located northeast of Downtown Atlanta, and Bridges of Cypress Creek, 314 units in northwest Houston.
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 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.
With these recent acquisitions, the fund is on track to acquire up to $1 billion in apartment communities in urban markets throughout the United States. The fund has previously made strategic acquisitions in Dallas, Austin, San Antonio, Las Vegas, Atlanta, Broward County, FL and Prince George’s County, MD.
“There are millions of Americans for whom the American dream is simply out of reach. These are families that are working two or three jobs to afford their rent, which comes at the expense of other essentials, like food security and health care,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “These new acquisitions will enable our fund to make a meaningful impact on the lives of over 2,200 residents by providing and preserving affordable housing in three fast-growing metropolitan areas and by enriching their lives with relevant services in the areas of education, healthcare and security that they could otherwise not afford.”
The Maravilla consists of 212 units in 27 two-story residential buildings built in 1994. Amenities include a swimming pool, clubhouse with a lounge, and fitness center. The property is located near public transit and proximate to major employers on the Las Vegas Strip, such as hotels and casinos, as well as businesses in Downtown Las Vegas.
Woodland Ridge was built in 1986 and consists of 32 two-story residential buildings and a clubhouse spread across 23.3 acres. Amenities include a swimming pool, fitness center, two dog parks, playground, tennis court, sports court, and landscaped grounds. The property is easily accessible by public transit and located in Atlanta’s largest technology market.
Proximate to Woodland Ridge, Sonoma Ridge consists of 440 units in 21 two- and three-story residential buildings built in 1986. Amenities include a swimming pool, a fitness center, playground, business center, tennis court, sports court, and landscaped grounds. Many of the property’s residents work nearby for employers in the customer service, management, and sales related sectors.
Bridges of Cypress Creek consists of 314 units in 25 two-story residential buildings built in 1980. Amenities include a clubhouse, business center, fitness center, tennis court, dog park, playground, laundry rooms, picnic areas, and two swimming pools. The property is located six miles northwest of George Bush Intercontinental Airport as well as a variety of major healthcare and retail employers.
“Houston, Atlanta, and Las Vegas are dense, high-demand areas with a workforce population in need of quality, affordable housing options,” said Gee Kim, President of Multifamily Housing Initiatives. “As we’ve done throughout our portfolio, we’ll be enriching these properties by creating multi-purpose spaces that can accommodate targeted programs and services which will bring great value to residents; additionally, we will be completing energy and water saving retrofit projects as part of the fund’s broader sustainability program.”
Turner Impact Capital previously announced that celebrated actress and philanthropist Eva Longoria and NBA superstar Chris Paul had joined forces with the firm as partners and ambassadors for the Turner Multifamily Impact Fund. In those roles, Longoria and Paul 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.