MINNEAPOLIS, MN – Turner Impact Capital, one of the nation s largest real estate investment firms dedicated to social impact, has expanded its efforts to address the country s urgent housing affordability crisis with the acquisition of its first multifamily housing community in the Minneapolis metropolitan area.
Acquisition of the 207-unit Urbana Court Apartments in Brooklyn Park, Minn., closed today as one of the final investments of Turner Multifamily Impact Fund II. The buy enables Turner Impact to bring its innovative market-driven housing solution for low- and moderate-income families to a quick-growing Minneapolis community with convenient access to job opportunities, healthcare, and schools.
The Turner Multifamily Impact Funds have bought, preserved, and enriched approximately $2 billion of critically-needed housing for working individuals and families located in densely populated, ethnically diverse metropolitan areas throughout the U.S. These investments represent nearly 13,000 units of workforce housing nationwide, serving residents earning up to 80% of area median income while generating strong risk-adjusted financial returns for its institutional investors. Residents include community-serving professionals such as teachers, police officers, healthcare workers and others who often earn too much to qualify for subsidized housing but struggle to afford higher-cost housing located near job centers.
As rents rise and recession concerns mount, we must ensure that working families have access to stable, affordable, and high-quality housing in major metropolitan areas, Turner Impact CEO Bobby Turner said. We continue to expand our housing initiatives, and Urbana Court presents an opportunity to bring our successful model to one of the most dynamic markets in the Midwest.
Urbana Court is a newly built apartment complex with a large community center, 24-hour fitness center, pool, pickleball courts, playground, and underground heated parking. The units feature a wide range of appliances and full-size washers and dryers, and as part of Turner Impact s sustainability initiatives, the Fund has identified ways to reduce energy and water use.
Minneapolis has the largest metropolitan economy in the region after Chicago, where Turner Impact also has significant housing investments. Brooklyn Park is located just north of the city, near the largest health-technology cluster in the country, known as medical alley, and major employers such as Medtronic, Target, and Amazon, as well as simple access to jobs in downtown Minneapolis and St. Paul.
Turner Impact s holistic approach to workforce housing also entails enriching residents quality of life with demand-driven essential on-site services in education, health, safety, and other areas that help build a sense of community. These include after-school tutoring programs, exercise and nutrition classes, community watch programs, and more.
We are excited to expand our impact to greater Minneapolis and are actively pursuing additional investments in the market, said Gee Kim, President of Turner Impact s Multifamily Housing Initiatives. We welcome and look forward to opportunities to contribute in a meaningful way to the housing solution in this key part of the country.
Housing initiatives are a core component of Turner Impact Capital s holistic approach to social impact investing. Since 2016, Turner Impact has raised more than $650 million in equity for its first two housing funds – Turner Multifamily Impact Funds I and II – and has recently launched a third fund, Turner Multifamily Impact Fund III. The new Fund is the firm s largest to date, targeting between $750 million and $1 billion in total commitments. The Fund has already received strong interest from both U.S. and international investors and will build on the work of its predecessor funds to preserve and enrich workforce housing through the acquisition of existing affordable rental housing at scale.
Turner Multifamily Impact Fund III will also pursue the development of new affordable housing through public-private partnerships, as well as opportunistic investments in and recapitalization of workforce housing projects resulting from market dislocations.
Turner Impact has recently accelerated its expansion by hiring Gary Rodney, a national housing leader, as Managing Director for Housing Initiatives. Rodney joined Turner Impact from Tishman Speyer, where he launched the firm s first affordable housing platform, and earlier served as Chairman of CREA, a national syndicator of low-income housing tax credits, as well as President of the New York City Housing Development Corporation.

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CARY, NC – Wood Partners, a national leader in multifamily real estate development, together with its partner Trei Real Estate, announced that it has broken ground on Alta Ivy, a 300-unit apartment community in Cary.
Centrally located in the Raleigh-Durham-Chapel Hill “Triangle”, Alta Ivy will provide residents with modern amenities in close proximity to the ample employers within Cary, Raleigh, and Durham. Alta Ivy is located minutes away from Research Triangle Park (RTP), which is the largest research park in the United States with over 50,000 highly-skilled jobs, and soon to be home of the new, highly anticipated, Apple campus.
“Wood Partners is thrilled to bring a community of the highest quality to this submarket, which is one of the most desirable in the area in part because of its brilliant proximity to major employers” said Caitlin Shelby, Managing Director at Wood Partners. “Residents will have quick access to all that the Triangle has to offer while enjoying a peaceful sense of community.”
The community will offer a mix of one-, two- and three-bedroom floor plans. Each home will include top-of-the-line finishes including stainless steel appliances, quartz countertops, tile backsplash, in-home washer and dryer, and wood-style flooring throughout the kitchen, living room and bathrooms.
Alta Ivy will feature many attractive amenities including a courtyard with saltwater pool, 1.5 acres of preserved open space, a dog park, a large public art feature, and a well-appointed clubhouse including 5,000 square feet of office space.
The community is expected to start leasing in early 2024.

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DAVIE, FL – Award-winning developer El-Ad National Properties, an Elad Group company with a South Florida-based team, is bringing its expertise and exceptional reputation to Davie, Florida with its upscale 2.8 million-square-foot mixed use rental residential apartment and commercial project named The District in Davie. This is the largest multifamily project in Davie’s history.
Situated in a premier location convenient to Fort Lauderdale and Miami’s urban core, The District in Davie is minutes north of The Guitar Hotel at Seminole Hard Rock Hotel & Casino. Therefore, this contemporary new project is touted as the new “front door to Davie,” appealing to young professionals and more.
Expected to be a one-billion-dollar project, construction is slated to start by mid-2023, and pre-leasing is expected to commence in early 2025. Anticipated completion of the first phase is 2025. The architect is Cooper Carry of Atlanta, one of the top architecture firms in the U.S.; the landscape architect is internationally renowned EDSA of Fort Lauderdale.
Located at 4801–4999 S. State Road 7, Davie, Florida, The District in Davie will encompass five multifamily towers, constructed over three phases. It will include 1.6 million square feet of Class A residential apartments within approximately 1,256 units, curated indoor and outdoor amenities, 36,000 square feet of restaurants and retail, and modern conveniences. Approximately 1.1 million square feet of access controlled onsite parking will be available within 2,650 parking spaces.
“This project is a game-changer for Davie, by providing much-needed modernized residential living opportunities close to nearby universities, medical facilities and employment hubs such as the airport and seaport,” said El-Ad National Properties CEO Noam Ziv. “Redeveloping the area by replacing a dated shopping center with a modern community provides a greatly enhanced tax base for the town.”
“The District in Davie is a trailblazing, defining milestone for the town and is an example of our commitment to working with developers such as El-Ad National, who approach new projects in the appropriate zoning as opportunities and destination points for the community,” notes Davie Mayor Judy Paul.
The Davie project’s five buildings will range from 20–24 tales, each offering thoughtfully designed studio, one-, two-, and three-bedroom apartments, some with dens. Unit sizes range from approximately 589 to 1,460 square feet. Each unit offers keyless entry, high-speed Internet, and smart thermostats.
Each building will entice with pool and 24-hour fitness/spa treatment room amenities, a penthouse level Sky Lounge reservable for indoor and outdoor entertainment with kitchen and seating, and ground floor storefront spaces for resident conveniences. Plotted lifestyle amenities include pet-friendly features such as bark parks and grooming stations, game lounges and children’s play suites, as well as multiple work-from-home accommodations including co-working spaces and meeting rooms.
Offering the quintessential South Florida lifestyle, inviting outdoor social spaces include rooftop pools, outdoor kitchens, fire pits, and green spaces for outdoor yoga, games, and movies. Plotted green elements are electric vehicle charging stations in garages, complimentary bicycle parking/storage areas, and LED lighting technology for energy efficiency.

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