Affiliated Development, a leading real estate development, investment and asset management firm, announces the launch of its second impact investment fund, Affiliated Housing Impact Fund II, LP (the “Fund”).
Building on the success of its inaugural fund launched in 2020, this new $250 million Fund will deploy equity capital to finance Affiliated’s pipeline of high-quality, mixed-income workforce housing projects across Florida, addressing the state’s critical housing shortage with attainable, Class A living solutions.
Affiliated Development’s principals, Nick Rojo and Jeff Burns, will be the sole general partners and managers of the Fund, which is a continuation of Affiliated’s proven strategy of delivering luxury multifamily communities at attainable rents and transforming underserved markets through innovative public-private partnerships. Affiliated Development specializes in public-private-partnerships, which typically result in the utilization of government financing incentives necessary to make the projects financially feasible.
“South Florida is the epicenter of the housing affordability crisis.” Burns said. “Over 60% of renters in the South Florida area are cost-burdened, meaning they pay more than 30% of their income on rent. We feel a sense of responsibility to work alongside local government to help find solutions to this growing issue.”
“We are thrilled to deepen our alliance with our pension partners. Creating a win-win scenario where community investment drives financial returns.” Said Rojo. “Our expertise executing on this strategy, paired with the agility to seize opportunities, positions the Fund for continued success.”
Since launching Affiliated back in 2014, Nick and Jeff have been actively executing on their strategy in the South Florida market. Recently the City of Sunrise approved The Ray, a 400 unit mixed-income workforce housing development which is a private public partnership between the city of Sunrise and Affiliated. In May of this year, the City of Fort Lauderdale approved The Cove, a 376 unit mixed-income workforce housing development. Affiliated has also secured approvals on a total of 636 units over two mixed-income public-private partnerships in Boynton Beach, The Dune and The Pierce. The Company expects to break ground on the Dune in Q4 of this year and the Pierce shortly thereafter.
Affiliated broke ground on the Era, a 400 unit mixed-income workforce housing development in Fort Lauderdale in March of this year and is scheduled to deliver two additional mixed-income workforce projects by year end: the Tropic, a 223-unit project in Hollywood and The Spruce, a 270-unit project in downtown West Palm Beach. The Company has also recently completed and stabilized The Grand, 309 units in West Palm Beach, The Bohemian (200 units) and The Mid (230 units) in Lake Worth Beach and The Six13, 142 units in Fort Lauderdale.
