Turner Impact Capital and Kalterra Capital Announce Strategic Acquisition to Increase Affordable Housing in McKinney

Turner Impact Capital, renowned for its dedication to social impact through real estate investments, has joined forces with Kalterra Capital Partners, a Dallas-based real estate firm, to acquire the Kinstead housing community in McKinney, Texas. This strategic move echoes the increasing urgency to tackle the regional housing crisis which has burgeoned in growth areas such as McKinney.

The Kinstead community, a mere five years old and situated in a high-demand corridor, has historically posed challenges for working families due to its rent levels. A pressing goal of the new joint venture is to transition a significant portion of the units – 191 out of 376 – into income restricted housing to cater to families earning between 30% to 80% of the Area Median Income. This strategic decision underscores a commitment to fostering affordability while maintaining the quality of living spaces.

The synergy between Turner Impact Capital's established expertise in nurturing workforce housing and Kalterra's deep-rooted local insights has paved the way for this initiative. "The Kinstead acquisition will add to the supply of urgently needed, high-quality housing that's affordable for working families in one of the highest-demand markets in the country," affirmed Bobby Turner, CEO of Turner Impact Capital.

Nic Balsamo of Kalterra echoed this sentiment, emphasizing the potential of scalability within Texas through their partnership-driven approach and the impact of collaborative efforts with the City of McKinney and its Housing Authority to deliver sustainable affordability.

Kinstead joins Turner Multifamily Impact Fund III's expanding portfolio, which is poised to unlock significant investment capabilities aimed at acquiring and developing affordable workforce housing in key metropolitan regions. With this acquisition marking Turner Impact's foray into converting market-rate apartments into affordable units, it's clear that innovation is at the forefront of their strategy.

The Kinstead community itself is an epitome of melding modern living with accessibility, boasting smart home features, robust amenities, and close proximity to employment hubs. Under the management of TI Communities, Kinstead residents are set to benefit from enriching programs enhancing education, financial literacy, health, and overall quality of life.

Gary Rodney, Managing Director of Turner Impact's Multifamily Housing Initiatives, expressed enthusiasm over this venture and its alignment with the mission of providing innovative solutions in workforce housing. He stated, "Kinstead demonstrates our commitment to developing innovative, lasting solutions to increase access to workforce housing for families and individuals."

As Kinstead transitions into this new phase, it's a testament to the power of public-private partnerships in addressing housing challenges and creating sustainable, community-focused solutions within the multifamily apartment industry.