US developer JPI and Pinnacle Partners have set up a workforce housing fund with a $200m (€192m) fundraising target.
The Workforce Housing Fund will focus on four development projects across three US regions.
The development projects include a 224-unit project in Redmond, Washington, starting in the second quarter of this year with a $103m total cost and $36m equity requirement; and a 295-unit project already underway in Oceanside, California, costing $150m with $48m equity.
The projects also include a 415-unit development in Denton, Texas, starting in the current quarter with a $108m cost and $38m equity; and a 393-unit project in McKinney, Texas, starting in the third quarter of this year with a $104m cost and $36m equity.
Payton Mayes, CEO of JPI, said: “With homeownership becoming increasingly out of reach, we’re proud to meet the growing demand for high-quality rental options that serve middle-income households and create lasting value in some markets.”
To read the latest IPE Real Assets magazine click here.
