LOS ANGELES--(BUSINESS WIRE)--Turner Impact Capital, one of the largest real estate investment firms dedicated to social impact, has hired Gary Rodney as Managing Director for Housing Initiatives to help lead the firm’s innovative multifamily strategy to acquire, preserve, develop, and enrich affordable workforce housing throughout the country.
Rodney joins a team that has pioneered the use of market-driven solutions to address monumental challenges, including the crisis of housing affordability for low- and moderate-income residents in large metropolitan areas. Turner Multifamily Impact Funds have acquired approximately $2 billion in multifamily communities, representing nearly 13,000 units across the United States, and enriched residents’ quality of life by offering a range of essential on-site services in education, health, safety, and other areas that help build a sense of community. These include after-school tutoring programs, exercise and nutrition classes, community watch programs, and more.
Rodney brings to the newly created position at Turner Impact 24 years of government, non-profit, and private-sector leadership in developing and financing housing for low- and moderate-income families. He previously served as Chairman of CREA, a national syndicator of low-income housing tax credits. During his four-year tenure, the company raised $3.7 billion in equity that created or preserved more than 20,000 affordable housing units in 30 states. In addition, as President of the New York City Housing Development Corporation from 2014 to 2016, Rodney oversaw a large public agency that managed approximately $14 billion in assets, including a portfolio of 190,000 apartment units. Under his leadership, the agency provided $3.9 billion in financing that created or preserved nearly 27,000 units and became the primary financing source for New York’s most ambitious affordable housing plan ever.
Most recently, he served as a Managing Director at Tishman Speyer, where he launched the firm’s first affordable housing platform.
“We are delighted to welcome Gary to the Turner Impact family,” CEO Bobby Turner said. “His deep national experience, successful track record, and shared commitment to mission-driven investment will be invaluable as we continue to scale our multifamily efforts nationwide. With soaring rents, high interest rates, and an uncertain economic outlook, our team’s ability to deliver affordable, quality housing is all the more pressing.”
“Turner Impact Capital is an unrivaled pioneer in impact investing, and I couldn’t be more thrilled to join this impressive team and help drive strategies to deliver affordable workforce housing that is a difference maker for individuals and families across the country,” Rodney said. “I have devoted my career to affordable housing, and I believe the Turner Impact model offers a sustainable and scalable solution to address the crisis in workforce housing.”
In his new role, Rodney will help lead Turner Impact’s housing operations, including originating, structuring and financing investment opportunities as well as managing the portfolio. He will report to Gee Kim, President of Multifamily Housing Initiatives.
“Gary’s experience and knowledge in the workforce housing space, including developing new affordable housing projects and liaising with a range of community stakeholders, make him uniquely qualified to help make our housing initiatives even more impactful,” Kim said. “His drive to achieve measurable and meaningful results epitomizes our market-driven social impact mission.”
Housing initiatives are a core component of Turner Impact Capital’s holistic approach to social impact investing. Since 2016, Turner Impact has raised more than $650 million in equity for its first two housing funds – Turner Multifamily Impact Funds I and II – and has recently launched a third fund, Turner Multifamily Impact Fund III. The new Fund is the firm’s largest to date, targeting between $750 million and $1 billion in total commitments. The Fund has already received strong interest from both U.S. and international investors and will build on the work of its predecessor funds to preserve and enrich workforce housing through the acquisition of existing affordable rental housing at scale. Turner Multifamily Impact Fund III will also pursue the development of new affordable housing through public-private partnerships, as well as opportunistic investments in and recapitalization of workforce housing projects resulting from market dislocations.
Since its founding in 2014, Turner Impact Capital has raised over $1.65 billion in capital, putting it on course to surpass $5 billion in investment to tackle housing and two other interrelated societal challenges: public education and community-based healthcare. By harnessing market forces, the firm’s investments offer durable solutions to improving lives and strengthening communities while delivering strong risk-adjusted financial returns for investors.
About Turner Impact Capital
Turner Impact Capital is the nation's largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e., workforce housing, public schools, and community-serving healthcare facilities) and a lack of institutional capital. Turner Impact Capital seeks profits with a purpose. Learn more at www.turnerimpact.com or @turnerimpact on Twitter.