MCKINNEY, TX – Turner Impact Capital, one of the country s largest real estate investment firms dedicated to social impact and Kalterra Capital Partners, a Dallas-based private real estate company, have bought the 376-unit Kinstead housing community in McKinney, Texas, in a go to help address the region s growing housing crisis.
Just five years ancient and well-positioned in a high-demand area, Kinstead has historically commanded rent levels beyond the reach of many working families. As part of the acquisition, the joint venture between Turner Multifamily Impact Fund III and Kalterra will convert more than half the units, 191 in total, into income- restricted housing affordable for renters earning 30% to 80% of Area Median Income.
The joint venture leverages the unique strengths of each organization. Turner Impact Capital has a decade-long track record of successfully acquiring, preserving, and enriching workforce housing throughout the nation. Kalterra brings a wealth of familiarity and local expertise in the greater Dallas marketplace and extensive relationships with partners in the public and private sectors.
The Kinstead acquisition will add to the supply of urgently needed, high-quality housing that s affordable for working families in one of the highest-demand markets in the country, Turner Impact Capital CEO Bobby Turner said. Working with private and public partners, we are adapting our successful market-driven model to deliver innovative, scalable and sustainable solutions to address the nation s severe housing affordability gap.
We see an opportunity to meet housing needs through thoughtful partnership-driven acquisitions, said Nic Balsamo, Partner at Kalterra Capital Partners. Our collaboration with Turner Impact, the City of McKinney and its Housing Authority allows us to deliver lasting affordability in a thriving area, through a transparent structure that benefits both residents and the broader community. It s a model we believe can be scaled across Texas.
Turner Multifamily Impact Fund III (TMIF III) now owns more than 1,850 units in six diverse, densely populated markets, and continues to announce new acquisitions. The Fund is on course to unlock more than $2 billion in investment potential to buy existing, or develop new, affordable workforce housing communities in major metropolitan areas. The Kinstead acquisition marks the first time Turner Impact will convert market-rate apartments into affordable housing.
Turner Impact Capital has invested in over 2,000 units in the greater Dallas area. Dallas is also home to TI Communities, an affiliate of Turner Impact Capital that provides property management services to the firm s multifamily properties nationwide.
Kalterra Capital Partners is expanding its platform to include strategic acquisitions that preserve and enhance housing affordability. With deep roots in the Dallas-Fort Worth market, Kalterra is focused on investments that align market opportunity with community benefit, working directly with local jurisdictions to deliver high-quality housing through transparent, public-private partnerships.
Kinstead is a garden-style community consisting of six three-tale residential buildings on a 14-acre site. It has 376 one-, two- and three-bedroom apartments equipped with smart home systems and modern appliances. Community amenities include two swimming pools, a clubhouse with a catering kitchen, gaming room and yoga studio; individual and shared workspaces; dog park and pet spa; and electric-vehicle charging stations.
Under the agreement with the Housing Authority of the City of McKinney, the Turner-Kalterra joint venture holds a 99-year master lease and will restrict 29 Kinstead units (7.7%) to 30% AMI renters and 162 units (43.1%) to 80% AMI renters, with the remaining 185 units (49.2%) priced at market.
Located approximately 30 miles northeast of downtown Dallas in one of the nation s fastest-growing areas, Kinstead offers convenient access to a wide range of employment opportunities across Collin and Dallas counties. It is situated near McKinney s city center and major thoroughfares within the Dallas-Fort Worth MSA.
TI Communities will serve as property manager for Kinstead and will soon offer tailored enrichment programs in areas such as youth education, adult financial literacy, healthcare and wellness to enhance residents quality of life, economic opportunity and satisfaction.
We are thrilled to complete this joint venture, expanding our presence in greater Dallas with the acquisition of this modern housing community in a dynamic market, said Gary Rodney, Managing Director of Turner Impact s Multifamily Housing Initiatives. Kinstead demonstrates our commitment to developing innovative, lasting solutions to increase access to workforce housing for families and individuals. We look forward to pursuing additional opportunities with Kalterra and other best-in-class partners.

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BROOKLYN, NY – Fetner Properties, in partnership with MCB Real Estate and Farallon Capital Management, announced the assumption of a ground lease and the acquisition of 240 Willoughby Street, a residential rental building, offering 463 units, 147 of which are designated for affordable housing, in the heart of Fort Greene, Brooklyn.
The buy price was $209.5 million and $141.5 million with a senior loan provided by M&T Realty Capital Corporation (MTRCC).The Project was bought at construction completion, and prior to lease up.
JLL played an integral role in the transaction by representing the seller in the sale and the JV partnership of Fetner, MCB and Farallon on the financing.
In anticipation of the closing, the Fetner team opened leasing on Memorial Day weekend. Since then, 25% of the building is already leased. “This rapid lease-up shows how much the neighborhood has embraced 240 Willoughby,” said Hal Fetner, President and CEO of Fetner Properties. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market rate housing to the city.” Over the past two years, Fetner has bought or developed over 1500 homes across Brooklyn, Manhattan and Queens
MCB Real Estate leveraged its strong track record of major urban investments to quickly underwrite and do the acquisition. “We jumped at the opportunity to buy this one-of-a-kind, premier asset. It is a right standout among competitive projects, located in one of Brooklyn’s high-growth submarkets and uniquely positioned to meet the evolving needs of today’s renters,” said P. David Bramble, Managing Partner at MCB Real Estate. “Partnering with Farallon and Fetner brings together a powerhouse team with the insight, experience, and executional strength to unlock long-term value in one of the most competitive real estate markets in the country.”
With Fort Greene Park directly adjacent to the building, residents will delight in a park for a front yard, an unbeatable amenity in New York. 240 Willoughby features many large private terraces, allowing residents to fully take advantage of the protected open views and fresh air. This is a rare opportunity to delight in modern, high-quality living in one of the borough’s most sought-after neighborhoods.
Apartments range from studios to two-bedrooms and feature in-unit washer/dryers, premium finishes, custom integrated Bluetooth sound systems, and floor-to-ceiling windows offering unobstructed sensational city views and an expansive living experience. In addition to the many large private outdoor terraces throughout the building, the top four floors feature incredible penthouse units. The striking glass facade is accented by a signature gold-hued framework, running in a grid pattern along the edge of the balconies.
Residents can delight in over 30k square feet of amenities, including a business lounge, yoga studio, fitness center, bike room, screening and karaoke room, pet spa and dog run, video game and sports simulator rooms, as well as numerous family-friendly spaces, such as a large game room outfitted with shuffleboard, a golf simulator, a ping pong table, and a billiards table, as well as an interactive children’s playroom adorned with playful murals. A huge, landscaped roof deck and terrace offer ample space for enjoying fresh air and wide-reaching views. Onsite parking is available, as is a private party room with an attached catering kitchen.

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SEATTLE, WA – Fourth Avenue Capital (FAC) bought Village on Broadway, a 148-unit Class B workforce housing community located in Spokane Valley, Washington. The acquisition expands FAC’s portfolio to 26 properties, including three others in the Spokane–Coeur d’Alene MSA.
Built in 1996, Village on Broadway sits on 7.3 acres and consists of 148 apartment homes across 13 residential buildings and a standalone leasing office. The community offers a diverse mix of one-, two-, and three-bedroom floorplans, averaging 926 square feet per unit. Residents benefit from multiple parking options, including 270 total spaces—featuring one carport per unit, as well as garage and surface parking.
Each apartment includes full-size washers and dryers, air conditioning, and built-in desks—a rare and differentiating feature for properties of this vintage, particularly attractive to residents working from home.
Strategically situated between downtown Spokane and Coeur d’Alene, the property offers convenient access to I-90, placing residents within simple reach of the region’s major employment hubs, shopping, and recreational destinations.
FAC plans to elevate Village on Broadway through targeted capital improvements. This includes enhancing the sense of arrival, upgrading amenities, and repainting the exterior.
“Village on Broadway is a well-located asset in a growth market with differentiated floorplans,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “As a Spokane-based company, we are excited about the opportunity to invest locally and continue our commitment to quality housing in our home market.”

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