Turner Impact Capital has launched a second multifamily housing fund, Turner Multifamily Housing Fund II (TMIF II). The fund is poised to invest an additional $1 billion in affordable workforce apartment communities in major metropolitan areas throughout the United States.
TMIF II has had a series of rolling closes over the past year, with fundraising expected to be completed in early 2020.
Launched in 2015, the previous fund in the series, Turner Multifamily Impact Fund I, has invested nearly $700 million to acquire, preserve and enrich 22 affordable workforce housing communities totaling 7,840 units in diverse, densely populated urban areas.
In September, TMIF II closed on the acquisition of the SouthRidge apartment community near Washington, D.C. SouthRidge is the third multifamily investment by TMIF II, which has acquired 1,325 units in the Austin, Chicago, and Washington, D.C., metropolitan areas during the past four months. With these latest investments, T
