Urbana Court Apartments. Image courtesy of Turner Impact Capital
Turner Impact Capital has entered the Minneapolis market with the acquisition of Urbana Court Apartments, a 207-unit workforce housing community in Brooklyn Park, Minn. The purchase was one of the final investments of the Turner Multifamily Impact Fund II. The seller was Trident Development and JLL facilitated the transaction.
Completed in 2021, the three-story community incorporates studio, one- and two-bedroom floorplans which average 877 square feet. All residences cater to individuals earning up to 80 percent of the area media income. Apartments feature stainless-steel appliances, walk-in closets, granite countertops, in-unit washers and dryers and private balconies or patios. Common-area amenities include a playground, swimming pool, dog park, fitness center and game lounge.
READ ALSO: Why Workforce Housing Is a Smart Play in 2023
Located at 5401 94th Ave., the asset is off Highway 610 and roughly 14 miles from downtown Minneapolis. It is also near the PraireCare Hospital and close to the Brooklyn Park Ice Arena. Multiple dining and retail options are nearby.
The JLL team that represented the seller was led by Managing Directors Dan Linnell, Mox Gunderson and Josh Talberg, along with Senior Director Adam Haydon. Last year, the same team arranged the $74 million sale of another multifamily asset in the Twin Cities.
Impactful investment vehicles in the affordable housing market
Since 2016, Turner Impact has raised more than $650 million in equity for Turner Multifamily Impact Funds I and II. Those vehicles have invested some $2 billion in the acquisition and preservation of approximately 13,000 units of workforce housing across the U.S.
The firm recently launched Turner Multifamily Impact Fund III, its largest to date, expecting between $750 and $1 billion in commitments. In addition to the acquisition of workforce housing properties, the new vehicle will pursue the development of affordable communities through public-private partnerships.
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