**Turner Impact Capital and Kalterra Acquire McKinney Apartment Community, Converting Half to Affordable Housing**
Turner Impact Capital and Kalterra Capital Partners have acquired the 376-unit Kinstead housing community located in McKinney, Texas. In a strategic move to address housing affordability, the joint venture will convert more than half of the property’s units into affordable housing for renters earning between 30% and 80% of the Area Median Income (AMI).
Under an agreement with the Housing Authority of the City of McKinney, the Turner-Kalterra partnership has secured a 99-year master lease on the property. Of the total units, 29 (7.7%) will be designated for renters at the 30% AMI level, while 162 units (43.1%) will be affordable to those earning 80% AMI. The remaining 185 units (49.2%) will remain at market-rate pricing.
Kinstead is a garden-style residential community encompassing six three-story buildings on a 14-acre site. The development features one-, two-, and three-bedroom apartments. Amenities include two swimming pools, a clubhouse with a catering kitchen, a gaming room, yoga studio, individual and shared workspaces, a dog park and pet spa, as well as electric vehicle charging stations.
This acquisition marks the first instance in which Turner Impact Capital will convert market-rate homes into affordable housing. CBRE Investment Management served as the seller in the transaction.
