Turner Impact Capital is preserving the affordability at the 1,155-unit Ellyn Crossing Apartments, the firm's largest acquisition to date, in Glendale Heights, Illinois.
Courtesy Turner Impact Capital Turner Impact Capital is preserving the affordability at the 1,155-unit Ellyn Crossing Apartments, the firm's largest acquisition to date, in Glendale Heights, Illinois.

Turner Impact Capital, a leading real estate investment firm focused on social impact, has acquired its largest workforce housing community to date—the 1,155-unit Ellyn Crossing Apartments in Glendale Heights, Illinois. The firm will preserve the affordability of these units for households who often earn too much to qualify for subsidized housing but too little to afford higher-cost housing. This acquisition, which was made through Turner Multifamily Impact Fund II, is the firm’s fourth multifamily community in the Chicago area, which now includes nearly 2,800 units.

“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,” said CEO Bobby Turner. “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 indeed should—coexist.”

Ellyn Crossing Apartments is in northern DuPage County, the second most populous county in the state, and close to key employment and transportation hubs. The garden-style community sits on nearly 45 acres and features a swimming pool, a fitness center, a business center, grilling areas, and two playgrounds.

Plans call for the installation of low-flow water fixtures, meter readers, Energy Star appliances, energy-efficient HVAC systems, and LED lighting as part of the project’s sustainability efforts. The team also will create an on-site Resident Enrichment Center, a dedicated space to accommodate a broad range of services designed to create positive and measurable social impact, including after-school homework help, employment and rental assistance, health care access, fitness activities, and neighborhood watch events.

“Even throughout the pandemic, Turner Impact Capital’s investment model has proven to be resilient and effective in delivering on our community-enriching mission,” said Gee Kim, president of multifamily housing initiatives. “We look forward to continued successful expansion that will allow us to improve the lives of more working families in the Chicago area and beyond.”

Turner Impact Capital’s multifamily portfolio includes more than 11,200 units, serving more than 18,600 low- and moderate-income residents. Since launching in 2016, Turner Multifamily Impact Funds have acquired, preserved, and enriched naturally occurring affordable workforce housing in metro areas across the nation, including Atlanta; Austin, Texas; Chicago; Dallas-Fort Worth; Houston; Las Vegas; San Antonio; Seattle; and Washington, D.C.

The firm’s original fund, Turner Multifamily Impact Fund I, invested nearly $700 million to acquire nearly 8,000 workforce housing units. In December 2020, Turner Impact Capital closed its second and larger fund, which will enable it to acquire and manage up to 10,000 additional units. According to the firm, when fully invested, the funds will have preserved nearly $2 billion in naturally occurring affordable workforce housing.