Eva Longoria-backed fund buys Oak Cliff apartment building

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Affordable housing is coming to an Oak Cliff apartment complex thanks to a fund backed by a famous Texas-born actress.

Eva Longoria recently put her money and star power into a real estate fund, Turner Impact Capital, that invests in affordable housing.

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An arm of that company, Turner Multifamily Impact Fund, last week purchased two Dallas apartment complexes, including the View at Kessler Park, according to the Dallas Business Journal.

The View at Kessler Park is a 299-unit, 11-story high-rise near Fort Worth Avenue and Bahama Drive, which was built in 1963 and renovated in 2012.

The new owner will make the apartments available to those earning less than 80 percent of the median household income in Dallas, or less than about $47,141.

Turner Multifamily Impact Fund has about $1 billion to invest in affordable housing in urban markets around the country. It specifically targets gentrifying neighborhoods such as Oak Cliff where middle-class workers rapidly become priced out of market-rate rental homes.

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Residential rent in America is at an all-time high.

According to a release from the Turner funds:

Nearly half of all renters spend more than 30 percent of their income on rent, and one quarter of all renters spend more than 50 percent of their income on rent.

The fund also purchased Legends on Lake Highlands, a 356-unit apartment complex off Northwest Highway. It also has invested in properties in Washington, D.C., Las Vegas and south Florida.

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