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Turner Impact Capital Seeks to Double Portfolio with $1B in Workforce Housing
Santa Monica, CA-based Turner Impact Capital is aiming to more than double its commitment to addressing the country’s severe housing crisis with the launch of a second multifamily housing fund, Turner Multifamily Housing Fund II (TMIF II). The new fund is poised to invest an additional $1 billion in affordable workforce apartment communities in major metropolitan areas.
Turner Impact Capital’s Bobby Turner says, “As the nation’s housing crisis continues to deepen, especially in high-cost urban areas, our funds provide accessible and service-rich housing to low- to moderate-income households while delivering strong investment returns for our investors.”
TMIF II held a series of rolling closes over the past year, with fundraising expected to be completed in early 2020. The new fund follows Turner Multifamily Impact Fund I, launched in 2015, which has invested nearly $700 million in 22 affordable workforce housing communities totaling 7,840 units in diverse, densely populated urban areas.
*Pictured Agave Falls 325-unit community in Austin
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