Iroquois Valley Farms, an organic farmland and impact investment company, has acquired a 177-acre farm in New York state and leased it to a young organic dairy farmer through its Young Farmer Land Access Program, according to a press release.
The investment is the latest for the impact investment firm, adding to a 24-strong portfolio of organic farms across 3,000 acres in seven states in the Midwest, Great Lakes, New England and Atlantic.
“We are excited to be helping another young farmer grow healthy foods and restore soil health through organic farming practices. With this acquisition, over two-thirds of our farm tenants are now millennial and part of our Young Farmer Land Access Program,” said David Miller, chief executive and co-founder in a statement.
Iroquois has $16.5 million of assets under management from four investment offerings since 2013. But it is currently raising another $20 million in debt and equity from institutional and high net worth investors.
“Iroquois Valley Farms is one of the first private enterprises in North America giving socially responsible investors the opportunity to directly impact the growth of local and organic farmland,” reads the company’s press release.