Affiliated Launches $250M Impact Fund to Expand Workforce Housing Across Florida
Affiliated Development has announced the launch of its second impact investment vehicle, Affiliated Housing Impact Fund II, LP, a $250 million fund designed to finance the firm’s growing pipeline of mixed-income workforce housing projects across Florida. Building on the success of its inaugural fund launched in 2020, the new fund will deploy equity capital to deliver attainable Class A housing that addresses the state’s escalating shortage of affordable and workforce units.
The firm’s principals, Nick Rojo and Jeff Burns, will serve as the fund’s sole general partners and managers, continuing their focus on public-private partnerships that leverage municipal collaboration and government financing incentives to make high-quality developments financially feasible.
“South Florida is the epicenter of the housing affordability crisis,” said Jeff Burns, co-founder and principal of Affiliated Development. “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.”
Fund II has completed its initial closing, with most commitments coming from local municipal, police, and fire pension plans—many of which are repeat investors from the firm’s first fund. “We are thrilled to deepen our alliance with our pension partners, creating a win-win scenario where community investment drives financial returns,” said Nick Rojo. “Our expertise executing on this strategy, paired with the agility to seize opportunities, positions the Fund for continued success.”
Recent milestones include The Ray, a 400-unit mixed-income community approved by the City of Sunrise; The Cove, a 376-unit development approved by the City of Fort Lauderdale; and The Dune and The Pierce, two public-private projects totaling 636 units in Boynton Beach, both slated to break ground in the coming quarters.
Fort Lauderdale-based Affiliated is also under construction on multiple new projects, including The Era (400 units in Fort Lauderdale), The Tropic (223 units in Hollywood), and The Spruce (270 units in downtown West Palm Beach). The firm recently stabilized several key assets—The Grand (309 units, West Palm Beach), The Bohemian (200 units), The Mid (230 units, both in Lake Worth Beach), and The Six13 (142 units, Fort Lauderdale).
Pictured l to r: Nick Rojo and Jeff Burns