For investors, the growing shortage of affordable rental housing in the U.S. is becoming a more tempting target. Turner Impact Capital (TIC) this week announced it has launched the Turner Multifamily Impact Fund with plans to acquire and manage up to $1 billion in apartment communities located in urban markets.
Managers of the new fund will identify and evaluate potential investment opportunities with a focus on acquiring, improving and preserving workforce housing, which it defined as properties with residents earning up to 80% of area median income. The fund is hoping to buy apartment properties where teachers, police officers, health care workers, service workers and others with similar income levels live, a niche market comprising those who earn too much to qualify for subsidized housing, but not enough to afford higher-cost apartments or home ownership in the communities close to where they work.
Read more...Investors Sees Opportunity in Workforce Housing Shortage - CoStar Group
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