IMPACTASSETS 50™
An Annual Showcase of Impact Investment Fund Managers
ImpactAssets 50
An Annual Showcase of Impact Investment Fund Managers
BDP Impact Real Estate
Affordable Housing
Health and WellbeingFirm Overview
BDP Impact is a national social impact real estate firm that acquires and manages high-impact real estate assets. We perform this work as the manager of both an impact real estate fund and as the manager of individual property-level investments. Our primary work focuses on affordable housing; other work includes more traditional community redevelopment efforts. We have delivered more than $500M worth of projects in 14 states, including more than 1500 units of affordable housing. Our expertise is in raising and managing capital from impact-minded investors and partnering with nationally-recognized nonprofit organizations to support the delivery of their mission.
Years of Operation: 10 years or more
% of Capital from Top 3 Investors: 50% – 99%
With the right structure, private impact capital is more effective at addressing the needs of communities than traditional public and philanthropic approaches in that it can deliver lower-cost projects more quickly and with fewer public resources while offering investors risk-mitigated investment opportunities that offer both financial and measurable impact returns.
We believe in meeting the needs of investors and communities by combining private capital, public/philanthropic resources and nonprofit operating expertise to deliver strong risk-adjusted returns and measurable impact on society. Our CS Large Cities Housing Fund is an example where we moved into a space that has almost unlimited demand (affordable housing) but has been slowed by an antiquated government-first approach to financing. By partnering with the leading national nonprofit working to end homelessness, we were able to pair public subsidies (housing vouchers) with concessionary capital to deliver our fund investors strong returns while driving measurable reductions in homelessness. Our background and experience allows us to create value in this unique space at the intersection of private capital, public resources and nonprofit mission.
Our key differentiator is our ability to harness the expertise of world-class nonprofit operators while blending public, philanthropic and market capital to scale up their work. In our work, we have partnered with the leading national and international organizations working to end homelessness, as well as highly regarded organizations in community health and community development. Another key differentiator is what we call “permanent impact.” Most impact investments are unable to provide firm assurance that the impact continues once investors’ money is returned. We ensure all of our projects have both a plan and an obligation to remain in service of the mission after the investment term. Finally, our innovation is a distinguishing feature. From alternative fee and return structures to new approaches in the areas of asset management and impact measurement, we take pride in offering investors approaches that are optimized to generate return and impact in a particular sector.
Investment Example
Using the model outlined above, BDP Impact purchased (through the CSLC Housing Fund) the Avalon Apartments, a 117 unit property in Phoenix for $29.5M in June 2023. Since the purchase, the property has housed 72 individuals exiting homelessness and maintained 96% occupancy, outperforming the submarket by 5%. This is largely due to the steady pace of timely referrals from the local VA office. As soon as a unit becomes available the property manager alerts the local VA office, which is able to have a new tenant who holds a VA Supportive Housing voucher moved in less than 30 days later. Property NOI has grown 3.7% since acquisition and received a 4.7% increase in value during our January 2024 valuations.
Leadership and Team
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Dave Foster – President and Fund Manager More Info
Dave leads the Fund’s investment team with over 15 years of experience. He is a US Army veteran and the former President of Cooper’s Ferry Partnership, where he oversaw $350M in investments. Dave holds a BA from Washington & Lee and a JD from the University of Pennsylvania. |
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Allyson Randolph – Managing Director and Deputy Portfolio Manager More Info
Allyson Randolph is a Managing Director for the Fund leading on portfolio management and fund operations. She’s worked with Community Solutions for four years where she previously led the acquisition and development of projects using social impact capital. Previously, she spent three years at PGIM Real Estate where she worked in asset and fund management. She started her career at J.P. Morgan in Public Finance Investment Banking. Allyson received her BS from the Massachusetts Institute of Technology and her MBA from the Wharton School of the University of Pennsylvania where she studied real estate and finance. |
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Dale White – Managing Director of Acquisitions More Info
Dale leads acquisitions for the Fund. He managed a $500M portfolio at Jonathan Rose Companies and directed affordable housing projects for the Brownsville Partnership. Dale also worked in urban planning for Buffalo. He holds an MBA from NYU Stern and a BA from the University at Buffalo. |
Financial Performance
Impact Performance
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Percentage of Total Assets Under
Management that are Impact Investments: |
100%
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Impact Tracking and Monitoring
Learn More
Apply for the IA 50 2022
The application period to become an ImpactAssets 50 2022 Fund Manager will open in September 2021!
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