Affiliated Development, a leading real estate development, investment and asset management firm, announces the launch of its second impact investment fund, Affiliated Housing Impact Fund II, LP (the “Fund”). Building on the success of its inaugural fund launched in 2020, this new $250 million Fund will deploy equity capital to finance Affiliated’s pipeline of high-quality, mixed-income workforce housing projects across Florida, addressing the state’s critical housing shortage with attainable, Class A living solutions.

Affiliated Development’s principals, Nick Rojo and Jeff Burns, will be the sole general partners and managers of the Fund, which is a continuation of Affiliated’s proven strategy of delivering luxury multifamily communities at attainable rents and transforming underserved markets through innovative public-private partnerships. Affiliated Development specializes in public-private-partnerships, which typically result in the utilization of government financing incentives necessary to make the projects financially feasible.

“South Florida is the epicenter of the housing affordability crisis.” Burns said. “Over 60% of renters in the South Florida area are cost-burdened, meaning they pay more than 30% of their income on rent. We feel a sense of responsibility to work alongside local government to help find solutions to this growing issue.”

The Fund has already completed its initial closing with the majority of commitments coming from local municipal, police and fire pension plans, many are repeat investors. This strong support reflects a shared vision of reinvesting capital back into the local community to drive economic growth and provide critical housing while generating a market rate of return.

“We are thrilled to deepen our alliance with our pension partners. Creating a win-win scenario where community investment drives financial returns.” Said Rojo. “Our expertise executing on this strategy, paired with the agility to seize opportunities, positions the Fund for continued success.”

Since launching Affiliated back in 2014, Nick and Jeff have been actively executing on their strategy in the South Florida market. Recently the City of Sunrise approved The Ray, a 400 unit mixed-income workforce housing development which is a private public partnership between the city of Sunrise and Affiliated. In May of this year, the City of Fort Lauderdale approved The Cove, a 376 unit mixed-income workforce housing development. Affiliated has also secured approvals on a total of 636 units over two mixed-income public-private partnerships in Boynton Beach, The Dune and The Pierce. The Company expects to break ground on the Dune in Q4 of this year and the Pierce shortly thereafter.

Affiliated broke ground on the Era, a 400 unit mixed-income workforce housing development in Fort Lauderdale in March of this year and is scheduled to deliver two additional mixed-income workforce projects by year end: the Tropic, a 223-unit project in Hollywood and The Spruce, a 270-unit project in downtown West Palm Beach. The Company has also recently completed and stabilized The Grand, 309 units in West Palm Beach, The Bohemian (200 units) and The Mid (230 units) in Lake Worth Beach and The Six13, 142 units in Fort Lauderdale.

About Affiliated Development

Affiliated Development (“Affiliated” or the “Company”) is a regional real estate development and investment company headquartered in Fort Lauderdale, Florida with offices in West Palm Beach, FL.

The Company was formed as a mission-based organization with the goal of building mixed-use multifamily developments to target unmet demand and underserved areas within the market. Affiliated works directly with communities to improve the quality and sustainability of housing stock for residents, resulting in the development of Class A luxury apartments at attainable rates. The Company currently has 4,800 units completed or under development.

The Affiliated team has a track record of partnering with government agencies, community organizations and nonprofits, and has extensive experience in private and public finance. Affiliated’s pioneering efforts have reshaped communities and resulted in over $1B of investment nationwide.

Investors should carefully consider the investment objectives, risks, charges and expenses of the AffiliatedHousing Impact Fund, LP. This and other important information about the Fund is contained in the prospectus, which should be read carefully before investing. For inquiries please contact us at (954) 953-6733 or InvestorRelations@AffiliatedDevelopment.com.

The post Affiliated Development Launches Second Impact Housing Fund: Pioneering Luxury Mixed Income Housing appeared first on citybiz.

This contant was orignally distributed by citybiz. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Affiliated Development Launches Second Impact Housing Fund: Pioneering Luxury Mixed Income Housing.