Los Angeles Clippers basketball star Chris Paul is teaming up with Turner Impact Capital LLC to raise awareness of the need for affordable housing for working families. He's also a new investor in the $264 million Turner Multifamily Impact Fund.
The fund, which a spokesman said closed in the fourth quarter, counts another well-known face as an ambassador and investor: “Desperate Housewives” star and philanthropist Eva Longoria.
The fund aims to invest in existing multifamily properties in densely populated, ethnically diverse, underserved urban communities, according to a staff report for the $9.7 billion University of Michigan endowment, a fund investor. So far, it has invested in properties in Lake Highlands, Texas, a community northeast of downtown Dallas; Austin, Texas; and Las Vegas.
The investor behind the public faces is Gee Kim, principal of Santa Monica, Calif.-based Turner Impact Capital and president of multifamily housing initiatives, Turner's website shows.
This is not the first time Turner Impact Capital executives have joined forces with sports stars.
Turner Impact also has a partnership with retired professional tennis star Andre Agassi to invest in charter school facilities.