FORESTVILLE, MD—The 599-unit Regency Pointe apartment complex here has been acquired by the Los Angeles-based the Turner Multifamily Impact Fund.
An industry source familiar with the deal put the purchase price at approximately $56 million. The purchase was the first transaction for the Turner Multifamily Fund, which is managed by Turner Impact Capital. The fund plans to acquire and manage up to $1 billion in apartment communities in underserved urban communities throughout the country.
The property, which includes 48 garden-style apartment buildings, offers a lower-cost housing alternative for residents who work in the DC metro area.
Certainly the demand is there for this type of product, especially as labor conditions contine to improve, says Dan Millman, principal and COO of Turner Impact Capital. "We are eager to begin our work to enhance this property and support the working-class families that call Regency Pointe home, and look forward to expanding our efforts to other multifamily communities across Maryland."
The Turner Multifamily Impact Fund is evaluating potential partnerships that would bring on-site services to Regency Pointe residents, including afterschool tutoring and community health and well-being initiatives.
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