Investments in affordable housing are generally pretty dry, or even boring.
A recent wave of celebrity investors in affordable housing may help raise the profile of impact-focused, real-estate investing.
Singer Jon Bon Jovi is the anchor investor (via his foundation) of a UBS-run fund trying to rebuild housing in parts of his home state of New Jersey that were devastated by Hurricane Sandy in 2012.
California-based Turner Capital Impact recently signed NBA star Chris Paul and actor Eva Longoria as investors and ambassadors for its $250 million Turner Multifamily Impact Fund.
Bobby Turner, the firm’s founder, told Institutional Investor’s Imogen Rose-Smith that he and Paul are working to bring other NBA players, and team owners into subsequent impact-focused real estate funds. “The conversation is growing.”
(Listen to ImpactAlpha’s podcast “Sustainable Housing: What’s the Impact When Private Equity Moves In?”)
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