Turner Multifamily Impact Fund Makes Four More Acquisitions
- May 27, 2016
Dallas—The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital and specializing in affordable workforce housing, has acquired four multifamily properties totaling more than 1,300 units in Dallas, Austin, Texas and Las Vegas. The acquisitions expand the fund’s total portfolio to nearly 2,500 units.
The new acquisitions are Legends on Lake Highlands in the Lake Highlands community northeast of downtown Dallas; the View at Kessler Park in the North Oak Cliff neighborhood of Dallas; the Park at Stone Creek, north of downtown Austin; and the Enclave, just east of the Las Vegas Strip in Las Vegas.
Each acquisition advances the fund’s objective of acquiring and preserving rental housing for families who earn less than the area median income and live in densely populated, ethnically diverse urban areas. Residents include professionals such as teachers, police officers, healthcare workers and others who earn too much to qualify for subsidized housing, but not enough to afford higher-cost apartments or home ownership in areas near their workplaces.
Legends on Lake Highlands consists of 356 units in 27 two- and three-story garden-style residential buildings built in 1971 and 1979. Amenities include two swimming pools, a fitness center and a dog park.
The View at Kessler Park is an 11-story residential building with 299 units built in 1963 and renovated in 2012. Common amenities include a swimming pool, fitness center, resident activities center, theater with bar and billiards table, picnic area and dog park.
The Park at Stone Creek was built between 1981 and 1983 in North Austin, Texas, with 420 units spread across 18 acres. Amenities include two swimming pools, a fitness center, a community clubhouse, a lighted sports court, landscaped grounds with picnic and grill areas, a playground, a disc golf course and a dog park.
The Enclave was built in 1978 just east of the Las Vegas Strip, with 258 units spread across 11 acres. Amenities include two swimming pools, two sports courts, a gym, business center, remodeled clubhouse, three laundry facilities and a dog park.
The fund currently owns six multifamily properties, and is expected to eventually acquire and manage up to $1 billion in apartment properties in urban areas over the next two years. Previous acquisitions are located in the greater Miami-Fort Lauderdale metropolitan area, and Prince George’s County, Md., near Washington, D.C.