Turner Impact Capital, a prominent real estate investment firm focused on social impact, recently launched its third multifamily housing fund, Turner Multifamily Impact Fund III (TMIF III). This new fund is set to tackle the severe affordable housing shortage across U.S. metropolitan areas.
With plans to raise $750 million in equity, the fund aims to unlock over $2.3 billion in total investment to preserve or develop affordable workforce housing nationwide. As housing costs rise across major cities, this initiative comes at a critical time, aiming to provide long-term, scalable solutions for middle-income working families.
The Affordable Housing Crisis: A Growing National Concern
Affordable housing shortages are reaching crisis levels across the United States. According to a recent study by the National Low Income Housing Coalition, the country is short over 7.3 million affordable homes for low-income renters.
Meanwhile, wages for middle-income earners have not kept pace with skyrocketing rental and home prices. For families caught in this squeeze, finding affordable housing near job centers has become a near-impossible task.
Turner Impact Capital’s TMIF III fund is designed to alleviate this pressure by focusing on high-demand urban areas. The fund will target regions where job growth is strong, but housing affordability has lagged.
These include communities such as the newly acquired 336-unit Topaz Springs Apartments in Las Vegas and the 147-unit B-Side Apartments in Minneapolis. These initial investments already account for nearly $200 million in capital.
“Our goal is to generate measurable and lasting results for residents, communities, and investors,” said Turner Impact Capital CEO Bobby Turner. “We are excited to continue delivering innovative solutions to the affordability crisis in cities across the country.”
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Turner Impact Capital Partnerships and Impact-Driven Investments
Turner Impact Capital partners with a wide array of investors and organizations to drive its mission. These include family offices, pension funds, sovereign wealth funds, and university endowments. By working closely with these partners, Turner Impact ensures that their investments not only provide affordable housing but also create meaningful social and environmental impacts.
The firm’s approach to impact investing stands out through its partnerships with other mission-driven entities, such as its Turner-Agassi Charter School Facilities Fund and Turner Healthcare Facilities Fund.
These initiatives focus on creating vital community infrastructure like quality schools and healthcare facilities, all in underserved urban areas. Turner Impact’s dedication to addressing the interconnected challenges of housing, education, and healthcare is part of what makes it a unique leader in the impact investing space.
.Why Workforce Housing Matters
The importance of workforce housing cannot be overstated. Affordable workforce housing is intended for families earning between 60% and 120% of an area’s median income—people who are often priced out of conventional housing but earn too much to qualify for low-income assistance.
With rising costs, families are spending a higher percentage of their income on rent, leaving less for other necessities like food, healthcare, and education. This, in turn, puts greater pressure on the workforce, especially in high-demand cities where housing costs are significantly outpacing wage growth.
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Turner Impact Capital – Expanding on a Proven Model
Building on the success of their previous two funds, which deployed over $650 million in equity to preserve affordable housing for tens of thousands of families, TMIF III is designed to scale the model further.
The fund will explore new development projects, joint ventures, and public-private partnerships to ensure the growth of affordable workforce housing across more U.S. cities.
Turner Impact Capital’s unique approach goes beyond property acquisitions. The firm enriches its communities through resident services, such as financial literacy programs, after-school tutoring, and fitness classes.
This not only improves the quality of life for residents but also helps reduce tenant turnover, resulting in more stable and sustainable communities.
