GLENDALE HEIGHTS, ILL. — Turner Impact Capital has acquired Ellyn Crossing Apartments, a 1,155-unit workforce housing property in Glendale Heights, a western suburb of Chicago. The sales price of $137 million, as reported by Crain’s Chicago Business, and the number of units mark the biggest suburban Chicago apartment deal ever, according to research firm Real Capital Analytics.
With this acquisition, Turner Impact Capital’s housing portfolio now includes nearly 2,800 units in the Chicagoland area and over 11,200 units of workforce housing in metropolitan areas across the nation. These properties serve more than 18,600 low- and moderate-income residents such as teachers, police officers and healthcare workers. These employees often earn too much to qualify for subsidized housing but too little to afford higher-cost housing near their workplaces, according to Turner Impact Capital.
“As Americans face double-digit rent increases in markets nationwide, along with limited housing supply and uncertainty surrounding the pandemic, our need for housing solutions is more urgent than ever,” says Bobby Turner, CEO of Turner Impact Capital. “Our scalable investment model has uplifted communities far and wide by putting affordable, quality housing within reach for thousands of families while generating strong risk-adjusted returns for investors. The model proves that profits and purpose can and should coexist.”
Turner Impact Capital says its approach to investing in and managing multifamily rental communities targets housing stability and lower expenses, rather than outsized rent growth from repositioning or upgrading properties.
Residents at Ellyn Crossing earn between 60 and 100 percent of the area median income. Situated on nearly 45 acres, the garden-style community features amenities include a pool, fitness center, business center, grilling areas and two playgrounds.
Turner Impact Capital plans to install low-flow water fixtures, meter readers, Energy Star-certified appliances, efficient HVAC systems, proper insulation and LED lighting. Additionally, the firm will create an onsite resident enrichment center that will offer programs such as after-school homework help; employment and rental assistance; healthcare access and fitness activities; and neighborhood watch events.
Chicago-based Rockwell Property sold the community after completing a repositioning and condo deconversion program that began nearly a decade ago, according to Crain’s. Kevin Girard and Marty O’Connell of JLL represented the seller.
Turner Impact Capital is a private equity real estate firm based in Santa Monica, Calif. The company launched its Turner Multifamily Impact Funds in 2016. When fully invested, the funds will have preserved nearly $2 billion in “naturally occurring affordable housing,” referring to apartments that have lower rents without relying on government subsidies.
— Kristin Hiller