Barron’s: Turner Impact Capital Seeks to Strengthen Workforce Housing

Barron’s “Penta” news site published an in-depth look at Turner Impact Capital’s affordable workforce housing strategy following the closing of Turner Multifamily Impact Fund II:

Turner Impact Capital has closed its second affordable workforce housing fund at US$357 million, including injections of capital from the foundations of NBA star Chris Paul and activist investor Bill Ackman.

By leveraging those dollars, the Turner Multifamily Impact Fund, one of the real estate firm’s private-equity vehicles, will be able to buy close to US$1.25 billion in new properties in urban areas, according to Bobby Turner, CEO.

So far the fund has made seven investments in several cities, including Chicago, Austin, Las Vegas, and Dallas. The properties include more than 3,000 units serving more than 6,000 residents. These are renters who don’t qualify for subsidized housing, yet don’t make enough to qualify to buy homes in the cities where they live and work, the firm says.

The lack of quality affordable workforce housing is an issue that “is huge, growing, and the demand is unmet,” Turner says.

Read the full story at: https://www.barrons.com/articles/turner-impact-capital-seeks-to-strengthen-workforce-housing-01607636146?mod=hp_PENTA

Originally published at https://www.barrons.com on December 10, 2020.