The Private Investment Funds and Impact + Responsible Investing teams advised Turner Impact Capital on the fundraising of a second affordable workforce housing fund that will unlock $1.25 billion in new housing investment.
Turner Impact Capital is one of the nation’s largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities.
As the pandemic, economic slowdown, and high rents converge to deepen our historic housing crisis, Turner Multifamily Impact Fund II will enable the firm to acquire and manage up to 10,000 additional housing units and keep them at rent levels that are affordable to residents earning less than the area median income. Turner’s social impact mission goes far beyond simply preserving this housing stock. The firm also offers residents a wide range of free enrichment services tailored to each community, such as afterschool homework help, employment assistance, community health services and neighborhood watch programs.
For more details, read the press release.