Turner Impact Capital has launched its third multifamily housing fund, the Turner Multifamily Impact Fund III (TMIF III), in response to the growing issue of housing affordability in the United States. The goal of TMIF III is to raise up to $750 million in equity, which will unlock over $2.3 billion for investment opportunities focused on acquiring or developing affordable workforce housing communities located in high-demand markets.
Recently, TMIF III completed its first two acquisitions: one in Las Vegas and another in Minneapolis. Additionally, it is currently under contract for three more transactions. These five deals combined 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: “As many working families struggle with finding affordable quality housing options, there is an urgent need for innovative solutions that can deliver tangible and long-lasting benefits for residents as well as investors.” He further stated that through these initial acquisitions and future investments by TMIF III they aim to showcase how impactful investing can offer scalable solutions towards addressing our country’s pressing challenge regarding adequate housing options.
