Turner Multifamily Impact Fund Adds 3 Properties in Texas and Georgia
- Dec 19, 2016
San Antonio and Atlanta—The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital, has announced the purchase of three multifamily communities in the San Antonio and Atlanta MSAs. The acquisitions bring the company’s total portfolio to roughly 3,200 units of workforce-level housing.
The newly acquired garden-style community portfolio consists of San Mateo and The Grove in San Antonio, and Sinclair in metro Atlanta. San Mateo is a 252-unit community located at 3787 Perrin Central Blvd. in San Antonio, Texas. The asset features one-, two- and three-bedroom units with a fitness center, business center, clubhouse and a pool. Totaling 276 units, The Grove is located four miles west of San Antonio International Airport and offers two- and thee-story residential buildings on roughly 11 acres. Property amenities include two pools, a clubhouse with a business center and a fitness center. The Sinclair community occupies a 29-acre plot of land in Norcross, Ga,, and offers 320 units in 32 two-story residential buildings, as well as a clubhouse. The property is close to the I-85, which offers easy access to the Tucker Office Core, Central Perimeter/Pill Hill, Technology Park, and The Sugarloaf Office District.
“San Antonio and Atlanta are dense, high-demand areas with a strong workforce population in need of great housing options. In fact, some of our new acquisitions are located near charter school campuses built by our affiliate, the Turner-Agassi Charter School Facilities Fund. These attributes help us earn a market-rate investment return for investors and improve the communities through resident-focused services in education, health care and security,” Gee Kim, president of Multifamily Housing Initiatives for Turner Impact Capital, said in prepared remarks.
The acquisitions fall in line with the fund’s strategy to acquire, update and preserve critically needed rental housing for families who earn less than the area median income and live in densely populated, ethnically diverse urban communities. The resident list includes community-serving professionals such as teachers, police officers, health care workers, service workers and others earning wages which don’t qualify for subsidized housing and can’t support a home ownership effort or renting in areas near their workplaces. The fund intends to address the national acute housing affordability crisis by preserving the workforce housing status of the properties it acquires and implementing property management updates and resident-focused services that drive positive social and environmental impact.
Image courtesy of Yardi Matrix