Turner Multifamily Impact Fund Makes First Acquisition: 599-Unit Regency Pointe in Prince George’s County near Washington, D.C.

The Turner Multifamily Impact Fund, a real estate investment fund managed by Turner Impact Capital and focused on addressing the growing shortage of affordable workforce housing in urban markets across the nation, announced the closing on its first acquisition—Regency Pointe, a 599-unit, 48-building garden-style housing community located in the Washington-Arlington-Alexandria metropolitan area.

The acquisition embraces the Fund’s core mission: to meet the significant and growing need for affordable, quality rental housing options in major metro markets through the acquisition, preservation and enrichment of workforce housing for residents earning up to 80% of area median income, and to generate strong risk-adjusted financial returns for private and institutional investors. The Fund plans to acquire and manage up to $1 billion in apartment communities in underserved urban communities throughout the country.

The Fund is designed to maximize positive social and environmental impact by enhancing the quality of life for residents through the implementation of select operational practices and community services related to education, health care and security. Prominent investors in the Fund include Citi Community Capital, the University of Michigan endowment and the Rockefeller Brothers Fund.

“This first investment demonstrates our firm’s commitment to help meet the growing demand for high-quality, affordable housing for working families while delivering market-rate financial returns,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “We’re seeking to create a lasting impact in high-need markets by investing in multifamily properties and enhancing them with a strong set of resident-focused services. This is about enriching apartment communities and creating pride of rentership among residents.”

Built in 1963, Regency Pointe is located on approximately 25 acres in Forestville, Maryland. The property offers a lower-cost housing alternative for residents who work in the D.C. metro area. Offering a unit mix with one to three bedrooms, the property features a community pool, two playgrounds, a fitness facility, a community center, laundry facilities and a leasing center. Currently, the community has approximately 1,300 residents, many of whom are children who attend local public schools in Prince George’s County.

“As labor conditions continue to improve in the D.C. metro market, the demand for quality affordable rental housing will continue to rise,” said Dan Millman, Principal and Chief Operating Officer of Turner Impact Capital. “We are eager to begin our work to enhance this property and support the working-class families that call Regency Pointe home, and look forward to expanding our efforts to other multifamily communities across Maryland.”

The Turner Multifamily Impact Fund is evaluating potential partnerships that would bring on-site services to residents, including afterschool tutoring and community health and well-being initiatives.

“The partnerships we are exploring are central to creating long-term positive change in this community,” said Gee Kim, Principal at Turner Impact Capital. “We have already begun discussions with local mission-aligned organizations to frame future collaboration. This includes evaluating physical space needs on-site, hours of operation and the number of residential units for public service professionals, including teachers and public safety professionals.”

One of the nation’s largest social impact investment firms, Turner Impact Capital is on course to surpass $1.5 billion in investment potential to help address some of the country’s most pervasive social issues through real estate and infrastructure-related solutions.

About Turner Impact Capital

Turner Impact Capital is an investment management firm based in Los Angeles focused on creating sustainable solutions for many of today’s societal problems by developing and investing in community-enriching real estate in densely-populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large existing supply/demand mismatches of relevant community infrastructure (i.e. workforce housing, public schools and preventative healthcare facilities) and a lack of institutional capital. The firm recognizes the central role that improving property and the lives of people can play in achieving strong risk-adjusted returns. The Turner Impact Capital leadership team has over 100 years of relevant experience in facilitating more than $6 billion of socially impactful and environmentally responsible real estate investments over the past two decades.

Turner Impact Capital seeks profits with a purpose. Learn more at: www.turnerimpact.com.

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