Turner Impact Capital has just launched its third multifamily housing fund, Turner Multifamily Impact Fund III (TMIF III), in response to the growing housing affordability crisis in the United States. The goal of TMIF III is to raise up to $750 million of equity, which will unlock over $2.3 billion for investment opportunities in affordable workforce housing communities located in high-demand markets.
The fund has already made significant progress with its first two acquisitions: one in Las Vegas and another one Minneapolis. Additionally, it is currently under contract for three more properties. These transactions alone represent a total of nearly 1,300 units and over $200 million invested.
According to Bobby Turner, CEO of Los Angeles-based Turner Impact Capital, there is an urgent need for innovative solutions that can address the struggles faced by working families when trying to find affordable quality housing options. He believes that through well-designed impact investing strategies like those implemented by TMIF III, scalable and sustainable solutions can be created that benefit not only residents but also communities and investors alike.
In summary,Turner Impact Capital’s latest venture aims at raising a substantial amount of equity capital ($750M) through their third multifamily fund (TMIFIII). This initiative seeks out investment opportunities within high demand markets where they acquire or develop affordable workforce homes – unlocking billions worth potential investments along with providing much needed relief from current nationwide affordability crisis.
