Turner Impact Capital and Kalterra Capital Partners acquired the 376-unit Kinstead housing community in McKinney, Texas. As part of the acquisition, the joint venture will convert more than half the units, 191 in total, into income-restricted housing affordable for renters earning 30% to 80% of Area Median Income.

Under the agreement with the Housing Authority of the City of McKinney, the Turner-Kalterra joint venture holds a 99-year master lease. It will restrict 29 Kinstead units (7.7%) to 30% AMI renters and 162 units (43.1%) to 80% AMI renters, with the remaining 185 units (49.2%) priced at market.

Kinstead is a garden-style community comprising six three-story residential buildings on a 14-acre site. It has 376 one-, two-, and three-bedroom apartments. Community amenities include two swimming pools, a clubhouse with a catering kitchen, gaming room and yoga studio, individual and shared workspaces, a dog park and pet spa, and electric-vehicle charging stations.

The Kinstead acquisition marks the first time Turner Impact will convert market-rate apartments into affordable housing. CBRE Investment Management was the seller.