Los Angeles-based Turner Impact Capital recently announced the purchase of Portola Del Sol, a 350-unit affordable workforce housing community in Las Vegas. Turner intends to stay the course with its approach to preserving workforce housing by eschewing major makeovers to the property. Instead, the firm will focus on making improvements to day-to-day operations and implementation of a wide range of resident enrichment services that include after-school homework help, employment assistance, community health services, and neighborhood watch programs.
“By acquiring Portola Del Sol, we are able to create housing stability for over 670 residents and enhance their quality of life by delivering valuable enrichment services. In doing so, we are creating a ‘pride of rentership’ that leads to longer tenancies due to a better experience and stable rent levels,” said Bobby Turner, CEO of Turner Impact Capital. “By harnessing market forces, our innovative model provides strong returns for investors while meaningfully improving and enriching people’s lives. We are realizing the promise of social impact investing.”
The 350-unit, garden-style property is 4 miles from the Las Vegas Strip and includes a mix of one- to three-bedroom units in 26 residential buildings. Amenities include a fitness center, a children’s play area, a pool, and a dog park. The acquisition marks the firm’s fourth investment in the Las Vegas community. The Turner Multifamily Impact Funds are on course to invest up to $2 billion to acquire up to 20,000 units over the next several years.
“Las Vegas is a flourishing city with a diverse and growing population in need of workforce housing, along with our signature resident enrichment services,” said Gee Kim, Turner Impact Capital’s president of multifamily housing initiatives. “We look forward to expanding our presence here, and in other markets around the country that offer a strong return on investment and the chance to meaningfully serve individuals and families.”
