NBA Clippers point guard and star player Chris Paul is joining Turner Impact Capital as an ambassador and investor to help bring attention and solve finding quality affordable housing in working class communities across the US.
The impact investing vehicle, Turner Multifamily Impact Fund, which recently closed at $1 billion and also includes celebrities Eva Longoria and Andre Agassi as partners, currently spans nine multifamily properties that it owns and manages. The fund focuses on areas such as Dallas, Austin, Las Vegas, Miami and Washington D.C.
Turner Impact’s principal and CEO, Bobby Turner, is a Wharton Penn grad. He tells Wharton students, in a speaker series he also organizes for his alma mater, as he does in the video: “You should not define success by making financial change working at an investment bank. Rather, you should define it by the amount of meaningful change you make in the world.”
“The growing disparity between workers’ income and their rent is untenable, and comes at the expense of health care security, food security and retirement security,” said Bobby Turner, CEO of Turner Impact Capital. “Our housing fund addresses these daunting challenges by preserving the workforce housing status of the properties it acquires and implementing targeted physical upgrades and property management improvements that enhance day-to-day operations and the quality of life for their residents.”
“I am enthusiastic to team up with Bobby and the team at Turner Impact Capital to help tackle this housing affordability challenge on behalf of hard-working families living in communities throughout America, including the one where I grew up in North Carolina,” said Paul, a high-impact player on and off the court. He is a nine-time NBA All-Star, two-time Olympic gold medalist and serves as president of the National Basketball Players Association. “I want to see results, and this model delivers them for working people like teachers, nurses and firefighters who are getting squeezed when it comes to housing.”
The Fund’s leadership team is focused on acquiring, improving and preserving critically-needed workforce housing for those earning up to 80% of area median income. Residents include community serving professionals such as teachers, police officers, health care workers, service workers and others who earn too much to qualify for subsidized housing, but not enough to afford higher cost apartments or home ownership in the communities proximate to where they work.
In addition to its multifamily strategy, Turner Impact Capital is focused on two additional investment strategies to help address some of the country’s most pervasive social issues through real estate and infrastructure-related solutions. The firm’s targeted education strategy – the Turner-Agassi Charter School Facilities Fund, a partnership with tennis legend Andre Agassi – seeks to meet the growing demand for quality charter school facilities, improving the educational achievement and life outcomes for underserved students. Additionally, the firm is in the process of launching the Turner Healthcare Facilities Fund, which will seek to address the significant demand for quality healthcare facilities that deliver affordable and proximate patient-centered medical services to underserved communities.
Source:Businesswire
