Turner Impact Capital Buys Acova Brentwood in Southwest Houston: 378 Apartments, Half Kept Affordable Under a Houston Housing Authority Deal
Turner Impact Capital announced Thursday that its Turner Multifamily Impact Fund III has acquired Acova Brentwood, a 378-unit apartment community in southwest Houston, and will preserve half of its apartments as affordable under a regulatory agreement with the Houston Housing Authority - in a city where, by the Kinder Institute's count, more than half of renters are cost-burdened.
A 378-unit southwest Houston apartment community is changing hands with its affordability locked in. Turner Impact Capital announced Thursday that Turner Multifamily Impact Fund III has acquired Acova Brentwood and will preserve affordability for low- and moderate-income residents through a tax exemption agreement with the Houston Housing Authority, according to the company's release.
Under the regulatory agreement with the Housing Authority, the fund will maintain existing rent restrictions on half of the apartments - reserving at least 152 units for households earning 80 percent of area median income and 37 units for households earning up to 60 percent, the release said. Nearly all of the non-restricted units also currently carry rents affordable to low- and moderate-income residents. "Houston's dynamic economy and growing population make it increasingly challenging for working families to find affordable homes near their workplaces," Turner Impact Capital CEO Bobby Turner said in the release.
Acova Brentwood was built in 2023 and is a garden-style community of nine three-story buildings across 13.5 acres, with one- and two-bedroom apartments, a fitness center, a pool with a sundeck, a clubhouse and a dog park, according to the release. It sits nine miles southwest of downtown Houston, near three major job hubs. TI Communities, the firm's property management affiliate, will operate the community and offer resident programs in areas such as youth education, adult financial literacy, healthcare and wellness.
The purchase is the fund's 11th acquisition, bringing its portfolio to more than 3,600 units, the company said. The Houston backdrop is the affordability gap the firm says it is targeting: more than half of renters in Houston are cost-burdened, spending more than 30 percent of income on housing, according to the Kinder Institute for Urban Research at Rice University, as cited in the release. Since launching its first housing fund in 2016, Turner Impact Capital says it has preserved and enriched nearly 17,000 units for about 74,000 low- to moderate-income residents.
