California fund makes first D.C. region buy in bid to ease housing shortage

Washington Business Journal

June 10, 2015

Baltimore native Bobby Turner has a plan to combat the nation’s diminishing supply of workforce housing, and his California-based fund has set its sights on a rental community in Prince George’s County as its first test case.

The Turner Multifamily Impact Fund has acquired the 599-unit Regency Pointe Apartments in District Heights with plans to roll out what it bills as an innovative program that seeks to decrease turnover by engaging its residents on a more personal level. The acquisition price for the 25-acre community, located at 3253 Walters Lane, was not disclosed but sources familiar with the deal put it at around $56 million.