Turner Impact Capital has launched another multifamily fund with plans to invest in more communities.
The company said in a statement that it expects to raise $750 million under Turner Multifamily Impact Fund III. With this capital, the private equity firm will potentially spend more than $2.3 billion in new development and purchasing existing affordable housing communities in areas considered high-demand areas, including metropolitan areas. becomes possible.
Already, Fund III has acquired a 336-unit apartment complex in Las Vegas and a 147-unit apartment complex in Minneapolis. In addition, Turner said he is under contract to acquire three more properties. This brings Fund III’s total number of units to approximately 1,300 units and total allocations to date to more than $200 million. In addition to purchases and new developments, Fund III will potentially explore partnerships, joint ventures, recapitalizations, and affordable workforce housing opportunities.
“As working families struggle to find quality housing they can afford, we provide residents, communities and investors with measurable and lasting benefits,” said Bobbie Turner, CEO of Turner Corporation. “Innovative, market-driven solutions that deliver positive outcomes are urgently needed.”
“Through our first two acquisitions and many subsequent investments, we have demonstrated once again that well-designed impact investments can create scalable and sustainable solutions to our nation’s difficult housing challenges. I am.”
The Santa Monica-based company previously said it has committed more than $650 million in capital to preserve and enrich approximately $2 billion worth of homes for low- and moderate-income households. Turner currently manages the Turner-Agassi Educational Facilities Fund, with a focus on underserved communities and schools. So is the Turner Medical Facilities Fund, which aims to provide quality care to low- and moderate-income urban communities.
Turner’s fund attracts support from insurance companies, banks, endowments, foundations, pension funds, sovereign wealth funds and family offices. Since its founding in 2014, Turner has received more than $1.9 billion in funding commitments, with that figure expected to reach up to $5.7 billion.
