New Turner Fund Makes First Acquisition

The Turner Multifamily Impact Fund, a real estate investment fund launched last week by Santa Monica’s Turner Impact Capital, has closed on its first acquisition: Regency Pointe, a 48-building housing community in Forestville, Maryland, near Washington, D.C.

The fund aims to invest in multifamily housing properties that will provide affordable housing to families that earn too much to qualify for subsidized housing but too little to be able to buy a home or luxury apartment near where they work. It especially targets housing for those who earn up to 80 percent of an area’s median income.

“Demand for quality, affordable rental housing for working families far exceeds supply in urban markets all over the country,” Turner said. “We are looking for cities with high density and diversity in population, in markets with significant workforce housing shortages.”

The fund plans to acquire as much as $1 billion worth of apartment buildings in diverse urban neighborhoods across the United States in cities, including Los Angeles, Nashville, Atlanta, Chicago and Dallas, according to Turner.

See the Business Journal’s previous coverage here.

Hello Kitty Coming to Universal

Torrance’s Sanrio Inc., the company behind cartoon icon Hello Kitty, is partnering with Universal Parks & Resorts to open new Hello Kitty retail stores. The interactive shops will feature Hello Kitty merchandise as well as specialty Hello Kitty and Universal co-branded products, according to Sanrio officials.

Universal was eager to partner with Sanrio since the company is “always looking to provide new experiences to our guests,” Universal spokesman Tom Schroder said.

“We look for popular concepts and bring them to life inside our parks. That’s what we will be doing with Sanrio,” Schroder said.

The new stores are scheduled to open later this year at Universal Studios Orlando. A date for a Hello Kitty store’s opening at Universal Studios Hollywood has not yet been announced.