Turner Impact Capital closes $225 million for new multifamily fund, and strives for $1 billion more

ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, October 30 – Facebook may make apologetic pledges to invest in the U.S.’s housing affordability crisis. Turner Impact Capital is busy putting money to work.

The L.A.-based real estate impact investor has committed $700 million to preserving 10,000 workforce and affordable housing units through its first multifamily housing fund. It has now raised $225 million for its second fund, Turner Multifamily Impact Fund II, and is already investing that capital: the fund has made three investments comprised of 1,325 housing units in Washington, D.C., Chicago and Austin.

What we know about Turner Impact Capital’s school, housing and health funds

Turner wants to raise an additional $1 billion for the second fund. With $2 billion under its belt, the firms says it would be able to acquire and preserve 20,000 housing units nationwide.