Turner Impact Capital, a real estate investment firm focused on social impact, has entered the Denver market with the acquisition of two workforce housing communities.
Through its newly launched Turner Multifamily Impact Fund III, the Los Angeles-based firm has acquired the 165-unit Silverbrook and the 188-unit Canterra at Fitzsimons in Aurora, the third largest city in the state. The fund, which aims to raise up to $750 million in equity, now owns 836 units of workforce housing following recent acquisitions in Las Vegas and Minneapolis.
“Amid continuing hardship for working families, we are accelerating our efforts to preserve access to high-quality affordable housing in major metropolitan areas,” said CEO Bobby Turner. “We are delighted to bring our successful market-driven model to the dynamic Denver area for the first time through these new investments by Turner Multifamily Impact Fund III.”
According to Turner Impact Capital, both properties meet the fund’s criteria of providing workforce housing in in diverse and densely populated areas near job centers. Residents, who include professionals such as teachers, first responders, and health care workers, typically earn up to 80% of the area median income, earning too much to live in subsidized affordable housing and not enough for higher-cost housing near job centers.
Both properties are located in central Aurora and just 10 miles southeast of downtown Denver. They are close to major employers such as Amazon, Denver International Airport, HealthONE, and CenturyLink.
Silverbrook is a 7-acre garden-style community comprised of one- and two-bedroom apartments. It also features a swimming pool, an outdoor grilling area, a basketball court, and a fitness center. The 7.5-acre Canterra at Fitzsimons also is a garden-style community with one- and two-bedroom apartments. Residents there have access to a swimming pool, a clubhouse, outdoor grilling spaces, and covered parking.
In addition, residents will be able to take advantage of Turner Impact Capital’s on-site enrichment programs, which focus on health, education, and safety to enhance their satisfaction and quality of life.
“We look forward to serving our Aurora residents as we extend our impact to a new market where job growth and high demand for housing threaten to price working families out of homes near their workplace,” said Gary Rodney, managing director of Turner Impact’s Multifamily Housing Initiatives. “Our model has a long track record of success delivering positive social and environmental benefits to our residents.”
