Turner Multifamily Impact Fund Closes First Acquisition
- Jun 15, 2015
The Turner Multifamily Impact Fund, a real estate investment fund managed by Los Angeles-based Turner Impact Capital, announced the closing of its first acquisition. Its newly purchased asset is a large, garden-style housing community in the Washington, D.C., metropolitan area.
Although the price of the transaction was not disclosed, the fund did say that the acquisition is in accordance with its core mission. It calls for the purchase and enhancement of workforce housing for residents earning as much as 80 percent of area median income in order to meet the growing need for quality, affordable rental housing in major metros. The fund plans to acquire and manage as much as $1 billion in apartment communities throughout the country. It includes such prominent investors as Citi Community Capital, the University of Michigan endowment and the Rockefeller Brothers Fund.
Regency Pointe, as the fund’s newly acquired community is called, was constructed in 1963 on approximately 25 acres of land in Forestville, Md. It consists of 48 buildings, with a total of 599 one-, two- and three-bedroom units. Amenities include a pool, two playgrounds, a fitness facility and a community center.
The Prince George’s County community offers a lower-cost housing alternative for residents who work in the D.C. metro. As many of its approximately 1,300 residents are children, the Turner Multifamily Impact Fund is looking for potential partnerships to bring afterschool tutoring, community health and other services to its residents.
Photo credit: www.regencypointeapts.com