Turner Impact Capital Adds Palatine Multifamily

(Updated with additional information)

Turner Impact Capital said Wednesday it had expanded its Chicagoland multifamily portfolio. The 448-unit Clayson Apartments community in Palatine, IL was acquired earlier this month from Origin Investments by Turner Impact Capital’s Turner Multifamily Impact Fund II.  

The transaction increases the affordable workforce housing stock acquired by the fund and its predecessor to more than 1,600 units in Chicagoland, including 614 units in Justice, IL’s Sunset Lake community and 576 units at Timber Lake Apartments in West Chicago, IL.  

“The pandemic and resulting economic turmoil have revealed stark disparities throughout our society and deepened the housing crisis nationwide,” said Turner Impact Capital CEO Bobby Turner. “Our innovative investment model puts stable, high-quality housing within reach for families and individuals and generates strong risk-adjusted returns for investors. The model proves that doing good and doing well need not be mutually exclusive.”

At Origin, senior associate Ken Lodge said, “The Clayson is a great example of the turnaround of an underperforming property after adhering to an investment thesis and operating strategy that aligned a robust capital improvement program with a keen focus on the resident experience.”