LOS ANGELES--(EON: Enhanced Online News)--The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital that addresses the nation’s growing shortage of affordable workforce housing, has recently expanded its portfolio with the acquisition of three multifamily housing communities in the San Antonio and Atlanta metropolitan areas. The acquisitions expand the fund’s total portfolio to approximately 3,200 units of workforce housing.
“Millions of community-serving employees, the backbone of our society, are burdened by rising rents and a worsening shortage of suitable housing, especially in urban communities”
The new acquisitions, all garden-style communities, are San Mateo, 252 units in Northeast San Antonio, 11 miles north of Downtown; The Grove, 276 units four miles west of San Antonio International Airport; and Sinclair, 320 units in Norcross, Georgia, northeast of downtown Atlanta.
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 drive positive social and environmental impact – while generating strong risk-adjusted financial returns for leading private and institutional investors. These programs may include afterschool tutoring, community health and well-being services, and neighborhood watch programs.
The fund currently owns and manages nine multifamily properties, and is expected to eventually acquire and manage up to $1 billion in apartment communities throughout the country over the next two years. Other fund properties are located in or near Dallas, Austin, Las Vegas, Miami-Fort Lauderdale and Washington, D.C.
“Millions of community-serving employees, the backbone of our society, are burdened by rising rents and a worsening shortage of suitable housing, especially in urban communities,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “The demand for quality workforce housing has never been higher. These new acquisitions will help ensure that the existing housing stock remains affordable in these densely populated markets, making a real difference in the San Antonio and Atlanta communities.”
San Mateo consists of 252 units in nine three-story buildings across 10.9 acres. Community amenities include a pool, a basketball court and a student/business center. The property is located within two miles of several public schools in the Northeast School District, less than eight miles to the Brooke Army Medical Center, and 12 miles from the USAA corporate campus.
The Grove consists of 276 units in 30 two- and three-story residential buildings on just over 11 acres. Amenities include two swimming pools, a clubhouse with a business lounge and fitness center, landscaped grounds and on-site laundry. The property is located in close proximity to multiple retail and recreational amenities, including HEB Alon Market, Barnes & Noble, Target and World Market, as well as Hardberger Park, a 311-acre park with hiking and biking trails, dog parks, picnic areas and children’s playgrounds.
Sinclair consists of 320 units in 32 two-story residential buildings and a clubhouse on nearly 29 acres. Amenities include a swimming pool, fitness center, two tennis courts, sports court with soccer nets and landscaped grounds. The property is less than a mile south of I-85, offering convenient access to several nearby employment hubs, including the Tucker Office Core, Central Perimeter/Pill Hill, Technology Park, and The Sugarloaf Office District.
“San Antonio and Atlanta are dense, high-demand areas with a strong workforce population in need of great housing options. In fact, some of our new acquisitions 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 for Turner Impact Capital. “These attributes help us earn a market-rate investment return for investors and improve the communities through resident-focused services in education, health care and security.”
Earlier this year, Turner Impact Capital announced that celebrated actress and philanthropist Eva Longoria has 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. Longoria, a native Texan, has long had close ties to the San Antonio community through the philanthropic work of the Eva Longoria Foundation.
About Turner Impact Capital
Turner Impact Capital is an investment management firm based in Los Angeles and one of the nation’s largest social impact investment firms, with over $2.5 billion in investment potential to help address some of the country’s most pervasive social issues through real estate and infrastructure-related solutions. The firm’s investment strategy is based on recognizing that profits and positive societal change are not mutually exclusive and seeks to generate superior risk-adjusted financial returns by investing in markets with large existing mismatches in the supply and demand of relevant community infrastructure (i.e. workforce housing, public schools and preventative healthcare facilities). The Turner Impact Capital leadership team has over 100 years of relevant experience in facilitating more than $6 billion of socially impactful and environmentally responsible real estate investments over the past two decades. Turner Impact Capital seeks profits with a purpose. To learn more, visit www.turnerimpact.com and follow @TurnerImpact on Twitter.