Enterprise Community Investment’s third conventional real estate equity fund (Fund III) has raised $110 million and is expected to preserve more than 5,000 affordable and workforce homes, announced the company.

Fund III is the latest in a series of similar funds that Enterprise has sponsored, with a fourth expected later this year. Together the funds have supported nearly $750 million of acquisition activity, preserving more than 8,000 affordable and workforce homes in 65 communities across the country. Fund III will continue to make new investments to help meet the growing need for quality homes connected to good jobs, education, transit, and health care.
The fund targets properties affordable to households earning at or below 80% of the area median income, including low-income housing tax credit, Sec. 8, and market affordable communities.
“Our series of conventional real estate equity funds has been a resounding success for communities and investors,” said Charles Werhane, president and CEO of Enterprise Community Investment. “Its support for the preservation of affordable housing has benefitted thousands of residents across 13 states, and investors have received both social and financial returns.”
From its launch in 2013, Fund III and prior funds from Enterprise have filled a crucial need in communities across the country: investing real estate equity through joint-venture partnerships with proven owner-operators to preserve and improve affordable and workforce housing. Its investments ensure the long-term affordability of existing multifamily housing developments and improve residents’ quality of life through thoughtful upgrades and attentive management.
The funds have also provided stable financial returns, according to Enterprise. Investors have recognized the economic benefits of investing in affordable housing, including reduced volatility, lower risk, predictable underwriting, and reliable returns, in addition to the social returns of stronger, healthier, more economically mobile communities.