Turner Impact Launches $750M Multifamily Fund for Affordable Workforce Housing

Turner Impact Capital has launched another multifamily housing fund and plans to invest in more communities.

Under Turner Multifamily Impact Fund III, the company said in a statement that it expects to raise $750 million. The capital will allow the private equity firm to spend more than potentially $2.3 billion on developing new and purchasing existing affordable housing communities in what it identifies as high-demand areas, which includes Metropolitan regions.

Already, Fund III has snatched up a Las Vegas 336-unit apartment complex, and a 147-unit one in Minneapolis. Plus, Turner said that it is under contract to acquire three more properties. That would bring Fund III’s total to almost 1,300 units and more than $200 million in allocations thus far. Along with purchases and new developments, Fund III will potentially explore, partnerships, joint ventures, recapitalizations, and opportunities in affordable workforce housing.

“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,” Turner CEO Bobby Turner, said.

“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. 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.