By acquiring its first multifamily housing community in the Minneapolis metropolitan area, Turner Impact Capital has further expanded its efforts to address the country’s housing affordability crisis. The 207-unit Urbana Court Apartments enables Turner Impact to bring its housing solution for low- and moderate-income families to the fast-growing Minneapolis community.
“As rents rise and recession concerns mount, we must ensure that working families have access to stable, affordable, and high-quality housing in major metropolitan areas,” Turner Impact CEO Bobby Turner says. “We continue to expand our housing initiatives, and Urbana Court presents an opportunity to bring our successful model to one of the most dynamic markets in the Midwest.”
The Turner Multifamily Impact Funds have acquired, preserved, and enriched approximately $2 billion of critically needed housing for working individuals and families in densely populated, ethnically diverse metropolitan areas throughout the country. These investments represent nearly 13,000 units of workforce housing nationwide, serving residents earning up to 80% of area median income while generating risk-adjusted financial returns for its institutional investors.
The newly built Urbana Court offers a large community center, a 24-hour fitness center, a pool, pickleball courts, a playground, and underground heated parking. Units include modern finishes, stainless appliances, and full-size washers and dryers. As part of Turner Impact’s sustainability initiatives, the Fund has identified ways to reduce energy and water use.
The firm’s holistic approach to workforce housing also includes essential on-site services in education, health, safety, and other areas that enrich residents’ quality of life. Offerings include after-school tutoring, exercise and nutrition classes, community watch programs, among others.
“We are excited to expand our impact to greater Minneapolis and are actively pursuing additional investments in the market,” says Gee Kim, president of Turner Impact’s Multifamily Housing Initiatives. “We welcome and look forward to opportunities to contribute in a meaningful way to the housing solution in this key part of the country.”
Housing initiatives are a core aspect of Turner Impact Capital. Since 2016, Turner Impact has raised more than $650 million in equity for its first two housing funds, Turner Multifamily Impact Funds I and II, and has recently launched a third fund, Turner Multifamily Impact Fund III. The new fund is the firm’s largest to date, targeting between $750 million and $1 billion in total commitments.
To further its expansion, Turner Impact has hired Gary Rodney as managing director for housing initiatives. “We are delighted to welcome Gary to the Turner Impact family,” Turner says. “His deep national experience, successful track record, and shared commitment to mission-driven investment will be invaluable as we continue to scale our multifamily efforts nationwide. With soaring rents, high interest rates, and an uncertain economic outlook, our team’s ability to deliver affordable, quality housing is all the more pressing.”
With 24 years of government, nonprofit, and private-sector leadership experience in developing and financing housing for low- and moderate-income families, Rodney joins Turner Impact from Tishman Speyer, where he launched the firm’s first affordable housing platform.
“Turner Impact Capital is an unrivaled pioneer in impact investing, and I couldn’t be more thrilled to join this impressive team and help drive strategies to deliver affordable workforce housing that is a difference maker for individuals and families across the country,” Rodney says. “I have devoted my career to affordable housing, and I believe the Turner Impact model offers a sustainable and scalable solution to address the crisis in workforce housing.”
Rodney will help lead Turner Impact’s housing operations, including originating, structuring, and financing investment opportunities as well as managing the portfolio. He will report to Kim.
“Gary’s experience and knowledge in the workforce housing space, including developing new affordable housing projects and liaising with a range of community stakeholders, make him uniquely qualified to help make our housing initiatives even more impactful,” Kim says. “His drive to achieve measurable and meaningful results epitomizes our market-driven social impact mission.
