Turner Impact Capital has launched its third multifamily housing fund to address the country’s housing affordability crisis. Turner Multifamily Impact Fund III (TMIF III) seeks to raise up to $750 million of equity, unlocking more than $2.3 billion in investment potential to acquire or develop affordable workforce housing communities in high-demand markets.
TMIF III recently acquired its first two multifamily housing communities in Las Vegas and Minneapolis, and is under contract for three more. These transactions represent nearly 1,300 units and more than $200 million of capital.
“As working families struggle to find quality housing they can afford, there is an urgent need for innovative, market-driven solutions that deliver measurable and lasting results for residents, communities, and investors,” said Bobby Turner, CEO of Los Angeles-based Turner Impact Capital. “Through these first two acquisitions and many more investments to follow, we are once again demonstrating that well-designed impact investing can create scalable and sustainable solutions to our country’s daunting housing challenge.”
Previously, the Santa Monica-based company noted it poured more than $650 million in capital to preserve and enrich roughly $2 billion worth of housing for low and moderate-level income families seeking affordable workforce housing communities and affordable housing. Turner currently manages its Turner-Agassi Education Facilities Funds, focusing on underserved communities, and schools; as well as Turner Healthcare Facilities Funds, which aims to provide quality care to low and moderate-earning urban communities.
Turner’s funds garner support from insurance companies, banks, endowments, foundations, pension funds, sovereign wealth funds, and family offices. Since its inception in 2014, Turner has received more than $1.9 billion in commitments in fundraising and sees upside to bring that number up to $5.7 billion.
