Affiliated Development, a Fort Lauderdale-based real estate firm, announced the launch of its second impact investment fund, the Affiliated Housing Impact Fund II, LP, a $250 million vehicle dedicated to financing mixed-income workforce housing projects across Florida. The fund builds on the success of the company's inaugural fund launched in 2020 and will deploy equity capital to develop high-quality, attainable Class A apartments in underserved markets, addressing what principals describe as a critical housing shortage.
Nick Rojo and Jeff Burns, principals of Affiliated Development, will serve as sole general partners and managers of the fund. The strategy relies on public-private partnerships to secure government financing incentives that make projects financially viable. “South Florida is the epicenter of the housing affordability crisis,” Burns said in the announcement. “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 completed its initial closing, with the majority of commitments coming from local municipal, police, and fire pension plans, many of which are repeat investors. This support underscores a shared vision of reinvesting capital into local communities to drive economic growth 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,” Rojo said. “Our expertise executing on this strategy, paired with the agility to seize opportunities, positions the Fund for continued success.”
Affiliated has been actively executing its strategy since its founding in 2014. Recent approvals include The Ray, a 400-unit mixed-income development in Sunrise; The Cove, a 376-unit project in Fort Lauderdale; and two projects in Boynton Beach—The Dune and The Pierce—totaling 636 units. The company expects to break ground on The Dune in Q4 2024 and The Pierce shortly after. In March 2024, Affiliated broke ground on the Era, a 400-unit mixed-income development in Fort Lauderdale, and expects to deliver two additional projects by year-end: the Tropic (223 units) in Hollywood and The Spruce (270 units) in downtown West Palm Beach. Recently completed and stabilized projects include 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.
The fund's launch comes as Florida grapples with a severe housing affordability crisis, particularly in South Florida where a majority of renters are cost-burdened. Affiliated's model aims to deliver luxury multifamily communities at attainable rents, transforming underserved markets through innovative public-private partnerships. The company currently has 4,800 units completed or under development and has generated over $1 billion in investment nationwide.
