Comunidad Partners, a minority- and women-owned real estate investment firm specializing in workforce and affordable housing communities in culturally diverse neighborhoods, closed its inaugural discretionary, commingled institutional fund with $300 million in equity commitments.
Comunidad Social Impact Multifamily Assets Fund I, which was oversubscribed and raised within seven months, surpassed its original target size of $200 million, said officials.
According to Antonio Marquez, managing partner of Texas-based Comunidad Partners, the fund is an investment vehicle that is dedicated to affordable and workforce housing. that integrates environmental, social, and governance (ESG)/social impact and proptech, with an emphasis on dynamic yet underserved communities throughout the Sun Belt region.
“The successful closing of our first fund represents Comunidad’s continued mission of bringing institutional capital to underserved markets with diverse populations across the Sun Belt,” says Marquez. “Comunidad specializes in revitalizing affordable and workforce apartments in infill locations and implementing our specialized cultural management platform, which includes cultural upgrades, community investment initiatives, and ESG/social impact programs that aid in building a sense of community and improving residents’ lives.”
Investors in the fund included one of the largest domestic pension funds, university endowments, foundations, and family offices. The fund targets affordable/workforce housing assets in supply-constrained markets that are poised for strong job, income, and economic growth.
Social programming in Comunidad communities includes a combination of virtual health care, financial equity programs, job skills training and job placement, English as a second language, health and wellness programs, farmers markets, soccer clinics, and after-school programs, among many others.
To date, Comunidad has acquired 11 assets with 1,832 units within the fund totaling approximately $110 million in invested equity. The assets are in Atlanta; Austin, Texas; Dallas-Fort Worth; and the Carolinas.