LOS ANGELES-Canyon Capital Realty Advisors and Citi Community Capital are planning on “active ownership” with investments launched by their new real estate fund focused on multifamily workforce housing in underserved US communities.

The Canyon Multifamily Impact Fund will look to acquire and manage up to $800 million in properties in submarkets with high demand for affordable workforce housing.

Bobby Turner, the chairman/CEO of Canyon Capital Realty Advisors, tells GlobeSt.com that the initially targeted states of California, Texas and Illinois “include some of the largest employment centers in the country, with associated need for quality workforce housing. We believe that our focus on these markets initially will allow us to more quickly and efficiently make investments that can have a meaningful impact in underserved communities.” Turner says the target investments will be between $20 million and $90 million in total capital.

Canyon and Citi have “a long-standing working relationship,” says Turner. “We share a common belief in the importance of corporate responsibility and advancing community development.”

The new fund will do more than buy and improve buildings, Turner says. “We hope to improve the quality of life and foster new opportunities for the residents who live in our properties. We want to create a sense of place and community where residents are empowered and encouraged to invest in themselves, each other, and their neighborhood through select programs designed around the areas of education, healthcare and security.”

Physical upgrades include addressing deferred maintenance, common area amenities, and select in-unit upgrades, Turner says. “There will be improvements to operations that support a healthier community. For example, through the use of environmentally sustainable products and social programming designed around the specific needs of each property. Examples of on-site programs include after school tutoring, employment assistance, wellness clinics, organized sports activities, and neighborhood watch programs.”

As reported by GlobeSt.com last week, the Canyon Capital Multifamily Fund was announced.