Turner Multifamily Impact Fund Acquires 405-Unit The Glen at Lauderhill near Fort Lauderdale

Social impact investment focuses on preserving and enriching
affordable rental housing while generating strong risk-adjusted
financial return

LOS ANGELES–(BUSINESS WIRE)–The Turner Multifamily Impact Fund, a real estate investment fund
managed by Turner Impact Capital that is dedicated to acquiring,
enriching and preserving critically-needed workforce rental housing
across the United States, has acquired The Glen at Lauderhill, a
405-unit, 27-building garden-style housing community located in the city
of Lauderhill, Florida, in the greater Miami-Fort Lauderdale
metropolitan area.

This is the second acquisition by the Turner Multifamily Impact Fund,
which launched earlier this summer with plans to acquire and manage up
to $1 billion in apartment communities in underserved urban communities
throughout the country. As rents and multifamily values continue to
rise, the Fund is seeking to preserve and enrich existing apartment
communities for residents earning up to 80% of area median income, while
generating strong risk-adjusted financial returns for private and
institutional investors.

“Increasingly, people earning 50% to 80% of the median income are being
priced out of quality housing options, especially in urban markets,”
said Bobby Turner, CEO of Turner Impact Capital. “Many are spending up
to 50% of income on their rent, and that’s untenable. We are aiming to
preserve workforce housing stock and create pride in rentership by
enriching the properties through the delivery of meaningful services to
residents in the areas of education, healthcare and security.”

Most residents at The Glen work in administrative, sales, food
preparation, transportation/moving services, and other community serving
roles in healthcare and education near the property.

“We have already begun to evaluate the specific needs of the residents
and to reach out to local organizations and stakeholders to determine
how best to deliver relevant programs effectively on-site,” said Gee
Kim, Principal at Turner Impact Capital. “Local partnerships are at the
core of creating positive, sustainable change in this community.”

Built in 1989, The Glen is located on 26.5 acres and offers a lower-cost
housing option for residents who work in the Miami-Fort Lauderdale
metropolitan area. Offering a unit mix of one to three bedrooms, the
property has recently undergone a major renovation, which includes a new
community building with leasing offices, a fitness center, business
center, and community room. Other features of the community include
controlled gated access, a fenced-in dog park, a playground and a pool.
Currently, the community is home to over 800 residents, including 119
minors.

“South Florida’s economy is expanding vigorously, led by strong job
creation in its trade and construction sectors. The demand for quality
affordable rental housing in the area will continue to rise, and we
think it is critically important to preserve and enrich the workforce
housing that is already there,” said Dan Millman, Principal and Chief
Operating Officer of Turner Impact Capital. “We are enthusiastic to
begin enhancing this property in support of the working-class families
that call The Glen home, and have our eye on expanding our efforts to
other multifamily communities across Florida.”

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.

Contacts

for Turner Multifamily Impact Fund
Steve Sugerman,
310-974-6680
steve@sugermangroup.com