Lincoln Avenue Communities Launches $260 Million Affordable Housing Fund With Morgan Stanley as Anchor Investor

SANTA MONICA, Calif. — Sept. 16, 2026 — Lincoln Avenue Communities has launched the approximately $260 million Wilshire Core Plus Housing Impact Fund LP, a national vehicle targeting income-restricted multifamily communities, with Morgan Stanley serving as anchor investor, the firm announced Tuesday.

The fund will be managed by an affiliate of Lincoln Avenue Communities and represents the firm's first dedicated affordable housing fund, extending a long-standing partnership between the two organizations into a formal institutional investment structure.

Fund Strategy and Investment Mandate

The Wilshire Core Plus Housing Impact Fund will pursue a core-plus investment strategy, acquiring existing income-restricted multifamily communities nationwide. The fund's stated objectives include preserving the affordability of existing homes and improving housing quality in underserved neighborhoods.

Lincoln Avenue Communities currently owns affordable housing assets valued at more than $7 billion across 33 states, with a portfolio comprising more than 200 properties, over 35,000 units, and more than 100,000 residents. The firm has been recognized as the nation's leading affordable housing developer for two consecutive years by Affordable Housing Finance.

"The launch of the Wilshire Core Plus Housing Impact Fund supports our long-term strategic vision for impact investing across multiple platforms with the broader ambition of addressing affordable housing needs across the country," said Jeremy Bronfman, co-founder and CEO of Lincoln Avenue Communities. "For more than a decade, LAC has worked to deliver high-quality, affordable homes in communities that have been impacted by the nationwide housing crisis. This Fund allows us to scale that work in a meaningful way, creating lasting returns for residents, neighborhoods and investors alike."

Morgan Stanley's Role and Broader Impact Investing Commitment

As anchor investor, Morgan Stanley continues a pattern of deploying structured capital into affordable housing and community development vehicles. The bank has previously committed to a $110 million low-income housing tax credit fund with National Equity Fund, supporting approximately 3,300 homes for low-income families and seniors, and has backed the $26 million Impact Developers Fund alongside TruFund and the Ford Foundation to provide flexible capital to minority- and women-owned affordable housing developers.

"Together with LAC we are working to generate much needed quality affordable housing in this country," said Mike Mantle, head of community development finance at Morgan Stanley. "This fund will also support residents through programs such as educational outreach in collaboration with the Baseball Hall of Fame, furthering our broad efforts to help communities thrive."

Beyond the financial partnership, Lincoln Avenue Communities and Morgan Stanley have collaborated for six years with the National Baseball Hall of Fame and Museum on an educational outreach program, hosting after-school programs using Hall of Fame curriculum for students living in LAC affordable housing communities. That initiative will continue as part of the fund's resident services component.

Recent Development Activity Illustrates Fund Targets

Recent Lincoln Avenue Communities projects offer a window into the type of assets the Wilshire Core Plus Housing Impact Fund is positioned to pursue.

In Salt Lake City, LAC and the Housing Authority of Salt Lake City broke ground on Erma's at Fairmont, a 110-unit affordable senior housing development at 2257 S. 1100 East. The approximately $53 million project targets seniors aged 62 and older, with rents scaled to households earning between 20% and 80% of area median income. The majority of units are reserved at 30% to 50% of AMI, with some units reaching as low as 20% AMI. Monthly rents range from approximately $535 to $1,400. The project received $20 million in federal low-income housing tax credit allocation from Utah Housing Corporation and is expected to complete construction by the end of 2027. The development addresses a waitlist of more than 5,000 families seeking Housing Authority of Salt Lake City units.

In Dallas, LAC is developing Tabor Village, a 229-unit mixed-income senior community on a 19-acre site formerly owned by Mt. Tabor Baptist Church in southern Dallas. The project reserves 75% of units for residents earning up to 60% of AMI, 15% for residents earning up to 50% of AMI, and the remaining 10% at market rate — a structure that reflects the income-layering approach common to core-plus affordable strategies.

Market Context and Strategic Implications

For Lincoln Avenue Communities, the Wilshire Core Plus Housing Impact Fund represents a structural shift — converting a large, diversified affordable portfolio and development pipeline into a dedicated fund vehicle capable of absorbing third-party institutional capital. The move signals the firm's intent to institutionalize its investment platform beyond its own balance sheet, with Morgan Stanley's anchor commitment providing capital validation.

Lincoln Avenue Communities is headquartered at 401 Wilshire Blvd. in Santa Monica, California, with additional offices in New York and Denver.

About Lincoln Avenue Communities

Lincoln Avenue Communities is one of the nation's largest owners, private investors, and developers of affordable and workforce housing, providing homes for lower- and moderate-income individuals, seniors, and families. The firm operates across 33 states with a portfolio of more than 200 properties comprising over 35,000 units.