cities | October 30, 2019

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

Jessica Pothering
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.

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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.