Turner Impact Capital has expanded its workforce housing portfolio with the acquisition of a 270-unit multifamily development in Dallas. This brings the real estate investment firm’s total acquired units to more than 10,330 in nine metro markets around the nation.
The Turner Multifamily Impact Fund II purchased Ventana Apartments in August. The fund and its predecessor, Tuner Multifamily Impact Fund I, now own nearly 1,700 units in the Dallas-Fort Worth area. The acquisition, which is the firm’s sixth in the Dallas-Fort Worth market, also brings Turner Impact Capital closer to its goal of investing up to $2 billion to acquire up to 20,000 units nationwide over the next several years.
“The COVID-19 pandemic has caused a significant economic disruption and worsened the affordability crisis in Texas and around the nation,” said Bobby Turner, Turner Impact Capital CEO. “Our innovative investment model has proven it can deliver strong returns for investors while improving people’s lives through affordable workforce housing coupled with comprehensive resident services.”
The Turner Multifamily Impact Funds preserve and enrich workforce housing in underserved communities with resident-focused programs, including homework help, health care access, and fitness activities, and environmentally sustainable initiatives to improve residents’ quality of life, reduce environmental impact, and enhance operations.
Ventana Apartments offers convenient access to centers of employment and amenities, including the Galleria Dallas Mall, the Village on the Parkway lifestyle center, and Addison Circle. The community’s amenities include a clubhouse, a business center, a swimming pool, a sports court, a fitness center, a playground, and laundry facilities. The fund will implement improvements, such as LED lighting retrofits and Energy Star appliances, as part of its sustainability initiative.
“The preservation of stable, affordable housing is more important than ever, and we continue to actively invest in communities and offer property sellers a quick and certain closing,” said Gee Kim, president of multifamily housing initiatives for the firm. “We look forward to expanding our footprint and impact in the DFW area.”
