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Turner Impact Capital Closes Fund, Plans $1.25B in Workforce Housing Investment
Santa Monica-based Turner Impact Capital closed a second affordable workforce housing fund that will unlock $1.25 billion in new housing investment. Turner Multifamily Impact Fund II (TMIF II) will enable the firm to acquire and manage up to 10,000 additional housing units.
Turner Impact Capital’s Bobby Turner says, “While many investors have struggled to raise capital for social impact funds, we have seen remarkable interest due to our singular focus on impact strategies, the demonstrated success of our previous housing funds, and our 25-year track record generating superior risk-adjusted returns across complementary investment platforms that also include education and community-serving healthcare facilities.”
TMIF II has already acquired seven multifamily communities with an eighth under contract, together totaling nearly 3,100 units.
NBA star Chris Paul, an investor in Turner Impact’s housing funds, says, “Bobby and I both believe in backing up talk with action. We’re spending our time and resources to scale up a proven housing solution that doesn’t just keep homes affordable, but supports families by providing housing stability and services that truly make a positive difference in their lives.”
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