One Man’s Plan to Expand Cheap Housing and Make Money Doing It
November 19, 2015
Bobby Turner runs one of a new crop of funds investing in the low-income renter. Are they crazy?
On a recent afternoon in Prince George’s County, Maryland, a bleak economic trend met a tantalizing investment thesis.
Inside the community center at the Regency Pointe Apartments, a complex of 599 units set in low-slung buildings about 20 minutes from Washington, nurses from a nearby medical clinic were screening residents for cholesterol and high blood pressure. Just outside, a Zumba instructor was leading two dozen neighborhood children in an exercise class. A uniformed Sheriff’s Department officer looked on, chatting with residents and tracking police radio reports that a suspect wielding an AR-15 assault rifle was wandering nearby streets.
It’s part of an effort by Turner Impact Capital, which acquired the property in June, to make money for investors while keeping rents stable for low-income residents. At Regency Pointe, the typical renter earns less than 80 percent of the area median income, and the average two-bedroom costs less than $1,200 a month.