Affiliated Development Launches $250 Million Housing Fund to Address Florida's Affordability Crisis

Affiliated Development announced the launch of its second impact investment fund, Affiliated Housing Impact Fund II, LP, building on the success of its inaugural fund launched in 2020. The 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. Principals Nick Rojo and Jeff Burns will serve as the sole general partners and managers of the fund, continuing Affiliated's proven strategy of delivering luxury multifamily communities at attainable rents through innovative public-private partnerships.

Jeff Burns highlighted the severity of the housing crisis in South Florida, stating that over 60% of renters in the area are cost-burdened, meaning they pay more than 30% of their income on rent. This statistic underscores the urgent need for affordable housing solutions in the region. The fund has already completed its initial closing with the majority of commitments coming from local municipal, police and fire pension plans, many of whom are repeat investors. This strong support reflects a shared vision of reinvesting capital back into the local community to drive economic growth while generating a market rate of return.

Nick Rojo expressed enthusiasm about deepening alliances with pension partners, creating what he described as a win-win scenario where community investment drives financial returns. The company's expertise in executing this strategy, combined with the agility to seize opportunities, positions the fund for continued success. Since launching in 2014, Affiliated Development has been actively executing its strategy in the South Florida market, with recent approvals including The Ray, a 400-unit mixed-income workforce housing development in Sunrise, and The Cove, a 376-unit development in Fort Lauderdale.

The company has also secured approvals for two mixed-income public-private partnerships in Boynton Beach totaling 636 units - The Dune and The Pierce - with groundbreaking on The Dune expected in Q4 of this year. Current construction activity includes The Era, a 400-unit mixed-income workforce housing development in Fort Lauderdale that broke ground in March, with two additional projects scheduled for delivery by year-end: The Tropic, a 223-unit project in Hollywood, and The Spruce, a 270-unit project in downtown West Palm Beach. Recently completed and stabilized projects include The Grand in West Palm Beach, The Bohemian and The Mid in Lake Worth Beach, and The Six13 in Fort Lauderdale.