Steve Ballmer’s Organization Commits $75M to Affordable Housing Fund
The billionaire and owner of the L.A. Clippers created the foundation to help improve economic mobility in the U.S.
By Nick Trombola October 24, 2025 2:05 pm
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A philanthropic organization founded by billionaire and Los Angeles Clippers owner Steve Ballmer has dispensed an eight-figure equity investment to help preserve affordable housing amid the country’s cost-of-living crisis.
Ballmer Group, which focuses on improving economic mobility for families across the U.S., supplied $75 million to Avanath Affordable Housing Renaissance Fund. The fund, controlled by Avanath Capital Management, is aimed at acquiring, preserving and developing affordable and workforce housing throughout the country.
The fund, launched in 2022, operates a $1.35 billion portfolio of 30 multifamily properties. That includes multiple complexes in Southern California, such as the 358-unit Seaport Village in Long Beach, 116-unit Rancho Carrillo in Carlsbad, and 41-unit Hudson Gardens in Pasadena.
“The investments we are making will not only build and preserve thousands of homes for low-income families but also highlight the opportunity for institutional investors to achieve stable, market-rate returns in this critical sector,” John Griffith, Ballmer Group executive director of strategy, operations and national housing, said in a statement.
Ballmer Group’s equity commitment comes as the Renaissance Fund invests in new modes of affordable housing production, such as a recent partnership with modular housing firm Vessel Technologies. Avanath aims to complete 5,000 new affordable and workforce housing units by 2030, and announced it had raised $760 million for the Renaissance Fund in early 2024.
“The attainability of quality housing that is affordable for the average individual and family in the U.S., especially in major markets and in proximity to employment, is foundational to driving social impact and opportunities for a better future for all,” Daryl J. Carter, founder, chairman and CEO Avanath, added in a statement. “[Ballmer Group’s investment] reaffirms the synergistic opportunity to impact the country’s housing stock and resident livelihoods through both business investments and philanthropic efforts, and partnerships between the two.”
Nick Trombola can be reached at ntrombola@commercialobserver.com.
