Comunidad Partners, a minority- and women-owned real estate investment firm specializing in affordable housing in culturally diverse neighborhoods, today announced closing its inaugural discretionary institutional fund with $300 million in equity commitments, according to Housing Finance.
The fund is titled the Comunidad Social Impact Multifamily Assets Fund I, was raised within seven months and surpassed its original target size of $200 million, according to the report.
Managing partner Antonio Marquez says the investment vehicle is dedicated to affordable and workforce housing, and will integrate ESG (Environmental, Social and Governance) and proptech with an emphasis on dynamic, underserved communities throughout the Sun Belt.
“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,” Marquez stated in the release.
“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,” he added.
Comunidad says that the fund includes investment from one of the largest domestic pension funds, university endowments, foundations and family offices. It also noted that the fund will target affordable and workforce housing assets in supply-constrained markets that are poised for strong job, income and economic growth.
To date, the firm has acquired 11 assets, including 1,832 units across Atlanta, Texas and the Carolinas, with funding totaling about $110 million in invested equity.
The firm also provides social programming in the communities it operates, with services including virtual health care, financial equity programs, job skills training, job placement and health and wellness programs.
Freddie Mac Multifamily recently named Comunidad Partners as its inaugural Impact Sponsor of the Year for 2021, recognizing the firm for borrowers that preserve or create affordable rental housing while including unique initiatives to advance tenants’ interests.
“It’s hard to overstate the pioneering work that Comunidad has undertaken to both address the affordable housing crisis while also developing unique programs that advance tenants’ interests. We applaud the work of Antonio Marquez and the entire Comunidad team, which has proved itself a leader. Freddie Mac is recognizing their efforts in the hope that it will encourage other operators to similarly innovate,” stated Lauren Garren, vice president of business management for Freddie Mac Multifamily, in that release.
The award came following Comunidad’s $300 million Tenant Advancement Commitment transaction, alongside Bellwether Capital, which included a commitment to maintain affordable housing for thousands of multifamily units in its portfolio.
In other recent proptech news, Handle.com raised a $10 million Series A for its construction payment compliance infrastructure platform. Nova Credit and SafeRent also partnered to offer cross-country credit checks for migrant housing applicants.