Photo: Turner Impact Capital
The Turner Multifamily Impact Fund has put a Houston property in its portfolio with the acquisition of the Bridges of Cypress Creek, a 314-unit apartment complex at 17710 Red Oak Drive in northwest Houston.
The fund, managed by Los Angeles-based Turner Impact Capital, announced the purchase of nearly 1,300 units across four properties, putting it on track to buy up to $1 billion in apartment communities. The sellers were not disclosed.
The fund has partnered with actress Eva Longoria and NBA star Chris Paul to promote its goal of providing rental housing for families who earn less than the area median income.
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“These new acquisitions will enable our fund to make a meaningful impact on the lives of over 2,200 residents by providing and preserving affordable housing in three fast-growing metropolitan areas and by enriching their lives with relevant services in the areas of education, healthcare and security that they could otherwise not afford,” principal and CEO Bobby Turner said in an announcement.
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The Houston purchase, announced along with two other properties in Atlanta and one in Las Vegas, brings the fund’s portfolio to 4,500 units across eight markets. Previous acquisitions were made in Dallas, Austin, San Antonio, Las Vegas, Atlanta, Broward County, Fla., and Prince George’s County, Md.
“Houston, Atlanta and Las Vegas are dense, high-demand areas with a workforce population in need of quality, affordable housing options,” said Gee Kim, president of Multifamily Housing Initiatives.
“As we’ve done throughout our portfolio, we’ll be enriching these properties by creating multi-purpose spaces that can accommodate targeted programs and services which will bring great value to residents; additionally, we will be completing energy and water saving retrofit projects as part of the fund’s broader sustainability program.”
Built in 1980, Bridges of Cypress Creek consists of 25 two-story apartment buildings. Amenities include a clubhouse, fitness center, tennis court, dog park, playground and two swimming pools. The complex is about 20 miles north of downtown, near FM 1960 and Interstate 45.