Hesta is the first Australian superannuation fund to invest in an apartment project that seeks to improve housing affordability for workers who are essential to the community such as nurses, police and firefighters.

The not-for-profit industry super fund has put $20 million towards the building of the complex of 185 apartments, consisting of six buildings, in Melbourne's Brunswick.

Nurses Lindsay Morrison and Rebecca Dileo will be swapping their rented accommodation in Melbourne for a place of their own that is close to their work. Credit:Darrian Traynor

The $20 million investment takes the super fund's total investment in its Social Impact Investment Trust, which is managed on its behalf by Social Ventures Australia, to $70 million.

Impact investing is aimed at addressing specific social or environmental issues while also creating good financial returns for investors.