How to Create Impact for Culturally Diverse Residents

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Creating Impact for Culturally Diverse Residents

Antonio Marquez,

Comunidad Partners

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Entryway

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Letter from Bob

The Melting Pot

December 2024

One of the most interesting aspects of multifamily impact investing is the opportunity it offers to connect with people on a deeply personal level. No concept illustrates this better than thinking about the cultural diversity of a site, the sharing of the range of the ideas, traditions, and social mores that live deep within us.

Multifamily developments are essentially about creating a community. And what is a community other than a diverse group of individuals and families with different backgrounds, practices and cultures? An apartment building is, in effect, a little town – a melting pot that comprises a variety of cultures. When we expose ourselves to these differences, we expand and improve our world while creating a more inclusive society.

One company that understands this idea to its core is Comunidad Partners. A founding member of Multifamily Impact Council, Comunidad is focused on building communities and enriching lives, with an emphasis on catering to its residents’ cultural diversity. We spoke with Antonio Marquez, Principal and Managing Partner of Comunidad Partners, about the principle of addressing residents’ cultural diversity through property management and how this creates meaningful impact. In the below Q&A, Antonio highlights several best practices property managers can implement to cater to culturally diverse residents, celebrate their differences and uplift communities. You don’t want to miss this.

Bob Simpson

President and CEO

Creating Impact for Culturally Diverse Residents

Antonio Marquez is Co-founder and Chairman of Multifamily Impact Council and Founder, Principal and Managing Partner at Comunidad Partners, a diverse investment manager that is exclusively focused on workforce and attainable housing. At its core, Comunidad is a people-serving business at the nexus of Housing, Impact, and PropTech. Marquez also serves on the National Multifamily Housing Council (“NMHC”) Officer’s Board as Secretary and Chair Emeritus of the Workforce Housing Committee.

From an impact perspective, why is it important for multifamily property managers to address cultural diversity among their residents?

Appreciating and serving residents’ cultural diversity and their needs is an important customer service imperative that enables property management teams to add value to the multifamily communities they serve. Recognizing and celebrating different cultures enhances a sense of belonging, understanding and welcoming. This deepens the connection between the residents and the community, which fosters retention, improves resident satisfaction, and has a positive impact on the individuals and families at the property as well as the surrounding community.

Investing in residents through understanding the cultural nuances translates into improved property performance and, thus, attractive risk-adjusted returns for investors. It is a key component to our ongoing efforts to establish Comunidad as an enduring force for good and marrying that with a sustainable business model.

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Entryway

How do you get housing without a job? And how do you get a job without housing? This is the chicken-and-egg scenario a growing number of Americans are facing.

Entryway, a national nonprofit that partners directly with over 90 multifamily industry partners, provides a solution that offers employment and housing to individuals and families at risk of and experiencing situational homelessness. Participants in Entryway’s program have access to professional training, employment opportunities, housing, and additional supportive services. The program transforms lives while solving workforce retention challenges in entry-level property management positions.

Entryway participants receive industry-specific career training for roles in leasing, maintenance and groundskeeping. Entryway partners, such as Asset Living and Greystar, have access to a pipeline of trained candidates for their on-site positions. And, once a participant is hired, partners agree to provide a discounted apartment unit. Entryway’s national partner CORT ensures all apartment homes are fully furnished. Multifamily industry partners receive diverse and motivated team members, Entryway participants receive the stability of employment and housing to return to economic independence, and local communities are lifted. It’s a win-win-win solution that works.

TaNae is just one of Entryway's hundreds of “winners.” She came to Entryway through the Salvation Army Turning Point program which assists young mothers. Through Entryway’s career training, TaNae completed Grace Hill’s online leasing agent program, attended in-person workshops, and received resume and interview coaching. With her hard work, she secured a full-time leasing position with Entryway industry partner Allegiant Carter. TaNae recently told us, “Entryway came at the right time, and now me and my son can feel stability in our own home.” So far in 2024, TaNae is one of over 180 individuals who has earned full-time employment through the help of Entryway’s career training, resume and interview assistance, and their network of multifamily partners. She and her daughter are among the nearly 220 individuals this year who now have stable housing and are no longer experiencing homelessness thanks to Entryway.

To learn more about how you or your company can get involved with Entryway, visit entrywaytalent.org or email info@entrywaytalent.org

Industry News and Updates

Members in the News

Have news to share? Send your links to MultifamilyImpactCouncil@thesmartagency.com and we’ll spread the word in this newsletter and on our LinkedIn page.

Company Updates

We’re proud to report that MIC recently held our Quarterly Impact Collaborative Call for Q3. The call provides an update on our members’ activity in the impact investing space and where this sector is heading. The recording of this call is now available. To receive this recording, please complete the form at https://multifamilyimpactcouncil.org/multifamily-impact-collaborative-call/

Thank You to Our Members!

We’d like to take this opportunity to thank the following members of the Multifamily Impact Council for their ongoing support of our organization and its mission:

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