Turner to Invest $1B in Workforce Housing

LOS ANGELES—Turner Impact Capital has launched a multifamily fund to acquire and manage as much as $1 billion in apartment communities. The multifamily fund is an expansion of the company’s social impact investment model, which aims to simultaneously create effective social change while producing healthy risk-adjusted returns. The multifamily fund will supply demand for workforce housing in urban market across the US, and will target tenants with incomes 80% of the market median.

“The primary objective of Turner Impact is to make money, but I believe that social impact investing can generate better risk-adjusted returns than traditional value investments or opportunistic investments,” Bobby Turner, principal and CEO of Turner Impact Capital, tells GlobeSt.com. “At the end of the day in real estate investing, people are speculating on demand. What is wonderful about social impact investing is that we are not speculating on demand. It is the issues in society where the demand so outstrips supply that it creates an economic opportunity. It is also a marketplace where the traditional investor in these issues has been the government and or philanthropy. By eliminating the risk of creating demand by fulfilling the existing demand, you can create a better risk-adjusted return.”