Turner Multifamily Impact Fund Acquires Four Additional Multifamily Properties in Key Texas and Nevada Markets

Acquisitions in Dallas, Austin and Las Vegas total more than 1,300
units of workforce housing; Will address affordability crisis while
generating strong risk-adjusted returns for investors

LOS ANGELES–(BUSINESS WIRE)–The Turner Multifamily Impact Fund, a real estate investment fund
managed by Turner Impact Capital designed to address the nation’s
growing shortage of affordable workforce housing, has expanded its
portfolio with the acquisition – within the past three months – of four
multifamily housing communities, totaling more than 1,300 units in the
key growth markets of Dallas, Austin, and Las Vegas. The acquisitions
expand the fund’s total portfolio to nearly 2,500 units.

The new acquisitions are Legends on Lake Highlands, 356 units in
a garden-style complex in the Lake Highlands community northeast of
downtown Dallas; the View at Kessler Park, 299 units in an
11-story high-rise in the North Oak Cliff neighborhood of Dallas; the
Park at Stone Creek
, 420 units in a garden-style complex north of
downtown Austin; and the Enclave, 258 units in a garden-style
complex just east of the Las Vegas Strip in Las Vegas.

Each acquisition advances the fund’s objective of acquiring, enriching
and preserving critically needed rental housing for families who earn
less than the area median income and live in densely populated,
ethnically diverse urban communities. Residents include
community-serving professionals such as teachers, police officers,
health care workers, service workers and others who earn too much to
qualify for subsidized housing, but not enough to afford higher-cost
apartments or home ownership in areas near their workplaces.

The Turner Multifamily Impact Fund seeks to address the nation’s acute
housing affordability crisis by preserving the workforce housing status
of the properties it acquires and implementing property management
improvements and resident-focused services that enhance day-to-day
operations and the quality of life for its residents – while generating
strong risk-adjusted financial returns for leading private and
institutional investors. These programs may include after school
tutoring, community health and well-being services, and neighborhood
watch programs.

The fund currently owns six multifamily properties, and is expected to
eventually acquire and manage up to $1 billion in apartment communities
in underserved urban communities throughout the country over the next
two years. Previous acquisitions are located in the greater Miami-Fort
Lauderdale metropolitan area, and Prince George’s County, Maryland near
Washington, D.C.

“The demand for quality workforce housing continues to grow, driving
rents higher in communities across the country,” said Bobby Turner,
Principal and CEO of Turner Impact Capital. “Nearly half of all renters
in America spend more than 30 percent of their income on rent, and one
quarter spend more than half of their income on rent. These figures are
simply unsustainable over time. Our fund’s new acquisitions will make a
big difference in the lives of more than 2,100 individuals in Dallas,
Austin and Las Vegas.

Legends on Lake Highlands consists of 356 units in 27 two- and
three-story garden-style residential buildings built in 1971 and 1979.
Amenities include two swimming pools, a fitness center and a dog park.
The property is located near the “Telecom Corridor,” a large technology
business center that accounts for more than 80,000 jobs, as well as
Texas Health Presbyterian Hospital Dallas, Texas Instruments, and
NorthPark Center, a large regional mall.

The View at Kessler Park is an 11-story residential building with 299
units built in 1963 and renovated in 2012. Its amenities include a
swimming pool, fitness center, resident activities center, theater with
bar and billiards table, picnic area and dog park. The property is
located near Downtown Dallas and the Bishop Arts District as well as UT
Southwestern Medical Center and other employment centers in the medical

The Park at Stone Creek was built between 1981 and 1983 in North Austin,
Texas, with 420 units spread across 18 acres. Amenities include two
swimming pools, a fitness center, a community clubhouse, a lighted
sports court, landscaped grounds with picnic and grill areas, a
playground, a disc golf course, and a dog park. The property is located
near public transit as well as a variety of employment drivers,
including Samsung Austin Semiconductor, a GM Technology Center, Austin
public schools and large retailers.

The Enclave was built in 1978 just east of the famed Las Vegas Strip,
with 258 units spread across 11 acres. Amenities include two swimming
pools, two sports courts, a gym, business center, remodeled clubhouse,
three laundry facilities, and a dog park. The property is easily
accessible by public transit, within walking distance of the University
of Nevada, Las Vegas, and one mile from McCarran International Airport.

“These properties embody all the characteristics we look for in new
acquisitions: they are strategically located in dense, high-demand
areas, and are affordable to a workforce population that is highly
diverse. Moreover, many are located near charter school campuses built
by our affiliate, the Turner-Agassi Charter School Facilities Fund,”
said Gee Kim, President of Multifamily Housing Initiatives. “By
enriching these properties with valuable resident-focused services in
the areas of education, health care and security, we can help to
strengthen these communities and ensure they remain affordable to
working families – all while delivering consistent returns for

Earlier this month, Turner Impact Capital announced that
celebrated actress and philanthropist Eva Longoria had joined forces
with the firm as a partner and ambassador for the Turner Multifamily
Impact Fund. In those roles, Longoria will help raise awareness about
the critical need for workforce housing in the United States and help
ensure that the fund is meeting the needs of residents in urban

About Turner Impact Capital

Turner Impact Capital is an investment management firm based in Los
Angeles and one of the nation’s largest social impact investment firms,
on course to surpass $2.5 billion in investment potential to help
address some of the country’s most pervasive social issues through real
estate and infrastructure-related solutions. The firm’s investment
strategy is based on recognizing that making money and making positive
societal change are not mutually exclusive and seeks to generate
superior risk-adjusted financial returns by investing in markets with
large existing mismatches in the supply and demand of relevant community
infrastructure (i.e. workforce housing, public schools and preventative
healthcare facilities). 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. To learn more, visit www.turnerimpact.com
and follow @TurnerImpact
on Twitter.


Sugerman Communications Group
Steve Sugerman, 310-974-6680