HOUSTON – A fund organized by Turner Impact Capital of Los Angeles has acquired the 314-unit Bridges of Cypress Creek apartments in north Houston on Red Oak Drive, west of Interstate 45.
The complex, built in 1980, is six miles northwest of Bush Airport.
The Turner fund, designed to address the nation’s shortage of affordable housing, has the backing of actress Eva Longoria and NBA star Chris Paul.
The fund is on track to acquire up to $1 billion in apartment communities in urban markets throughout the United States. The fund has previously made strategic acquisitions in Dallas, Austin, San Antonio, Las Vegas, Atlanta, Broward County, FL and Prince George’s County, MD.
“There are millions of Americans for whom the American dream is simply out of reach. These are families that are working two or three jobs to afford their rent, which comes at the expense of other essentials, like food security and health care,” said Bobby Turner, Principal and CEO of Turner Impact Capital. “These new acquisitions will enable our fund to make a meaningful impact on the lives of over 2,200 residents by providing and preserving affordable housing in three fast-growing metropolitan areas and by enriching their lives with relevant services in the areas of education, healthcare and security that they could otherwise not afford.”