CHICAGO, IL – Turner Impact Capital, one of the nation s largest real estate investment firms dedicated to social impact, has expanded its efforts to address the country s urgent housing affordability crisis with the acquisition of an additional multifamily housing community in the Chicago metropolitan area.
The 448-unit Clayson Apartments community in Palatine, IL was bought earlier this month by Turner Impact Capital s Turner Multifamily Impact Fund II. The transaction increases the affordable workforce housing stock bought by the Fund and its predecessor, Turner Multifamily Impact Fund I, to more than 1,600 units in Chicagoland, including 614 units in the Sunset Lake community and 576 units in the Timber Lake Apartments community. In total, the Turner Multifamily Impact Funds have bought 11,361 units in metropolitan areas throughout the nation, serving over 20,000 low- and moderate-income residents.
Turner Impact Capital s unique housing strategy aims to help tackle the nation s severe housing affordability crisis, which poses a pervasive and growing burden for working families. Amid an uneven and uncertain post-pandemic economic recovery, and with rents once again rising at historic rates, millions of people risk losing their homes in the coming months, highlighting the urgent need for solutions.
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 excellent and doing well need not be mutually exclusive.
The Turner Multifamily Impact Funds buy, preserve, and enrich critically-needed naturally occurring affordable housing for working individuals and families in urban communities throughout the country. In addition, the Funds deliver resident-focused programs designed to improve tenants quality of life, reduce negative environmental impact, and enhance property operations. The firm s housing portfolio currently comprises 28 apartment communities in densely populated, ethnically diverse metropolitan areas, including Atlanta, Austin, Chicago, Dallas-Fort Worth, Houston, Las Vegas, San Antonio, Seattle and Washington, D.C.
Turner Impact Capital s original housing fund, Turner Multifamily Impact Fund I, invested nearly $700 million to buy 7,840 workforce housing units occupied by more than 13,000 residents nationwide. In December 2020, the firm closed its second, larger housing Fund, which will enable the firm to buy and manage up to 10,000 additional units. These units – such as Clayson Apartments – are affordable to residents earning less than the area median income.
Turner Impact Capital s investment model has proven resilient and allowed us to continue delivering on our social, financial, and environmental mission throughout the pandemic, said Gee Kim, the firm s President of Multifamily Housing Initiatives. We take pride in benefitting working families by delivering stable affordable housing and resident enrichment services, and we are excited to expand our impact in the Chicago area.
The nation s third-largest metro area, Chicagoland ranks as one of the world s largest and most diversified economies. Clayson Apartments offers proximity to key transportation and employment hubs in the city s northwest suburbs, including Rosemont/O Hare, North Cook and Schaumburg.
Clayson Apartments features an expansive clubhouse and fitness center, resort-style pool, bocce ball and volleyball courts, playground, laundry facilities and business center. As part of its targeted sustainability initiatives, the Fund will install low-flow toilets, Energy Star certified appliances, LED lighting, HVAC replacements and more. Residents will also benefit from a broad mix of community-tailored resident enrichment services, including afterschool homework help, employment and rental help, healthcare access and fitness activities, and neighborhood watch programs. These programs will be offered both in person and virtually, through a resident portal and other online channels.
The Turner Multifamily Impact Funds are a core component of Turner Impact Capital s holistic approach to social impact investing. The firm has raised nearly $1.5 billion in capital, on course to surpass more than $5 billion in investment potential while directly impacting some 125,000 lives in underserved communities throughout the United States. By harnessing market forces, the firm s investments are sustainable, scalable, and durable – improving lives and strengthening communities while earning strong financial returns for socially conscious investors.
Turner Impact Capital also manages the Turner-Agassi Education Facilities Funds to facilitate the development of best-in-class schools in underserved communities across the United States, as well as the Turner Healthcare Facilities Fund, which delivers community-serving healthcare facilities to proven healthcare providers while improving access to quality care for residents of low- and moderate-income urban communities.

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SEATTLE, WA – A partnership between Security Properties and an affiliate of Rockwood Capital closed on the acquisition of Midtown 64 in an off-market transaction. Midtown 64 is a newly constructed 365-unit Class A mid-rise asset located in Kent, WA.
The property consists of 5 residential buildings and one clubhouse spread across 10 acres. Unit interiors include 9-foot ceilings, fully-appointed kitchens with quartz countertops, stainless steel appliances, full-sized washer/dryers, AC ports, walk-in closets, and either a private deck or patio. Additionally, the property features a clubhouse and resident lounge with fitness center, outdoor pool, BBQ area, fire pits, yoga studio, art studio, game lounge, rooftop deck, dog park, dog wash, bike room, playground, and bocce ball court.
Midtown 64’s unique location provides residents with convenient access to numerous regional job hubs in multiple directions, as well as plentiful retail amenities within the immediate area. Within a 5-minute drive to the south is Kent Valley, the region’s largest advanced manufacturing, aerospace, and distribution corridor with an employment base in excess of 250,000. Kent Valley is home to more than 10,000 businesses including Amazon, Boeing, Blue Origin, and Alaska Airlines. To the north are Seattle-Tacoma International Airport and Renton, which are home to approximately 20,000 jobs each. Bellevue and Downtown Seattle’s tech corridors are also easily accessible with nearly 400,000 jobs total.
Residents benefit from a plethora of transit options, providing access to employment hubs. The site is located within a 5-minute drive of Kent Station’s Sounder Commuter Rail, Interstate 5’s onramp at State Route 516, as well as State Route 167, which connects with Interstate 405. Tenants also delight in proximity to the retail district anchored by Kent Station, a 470,000 square-foot open-air shopping center featuring more than 60 shops and restaurants. Additionally, Kent’s largest grocer Safeway, is located just a block from the property.
Accessibility will be further enhanced when Sound Transit’s Link Light Rail extends its service south to Kent/Des Moines station, located adjacent to the I-5 and State Route 516 intersection.
According to Davis Vaughn, Senior Director of Acquisitions at Security Properties, “Midtown 64 presented the opportunity to buy one of the top assets in the growing submarket of Kent which has had extremely limited supply delivered the past few decades. By being able to offer residents high-quality product in a location so proximate to jobs, Midtown 64 is well-situated for long term growth. By adding this asset to our portfolio, we look forward to continuing to establish Security Properties as the leading owner-operator in the Pacific Northwest.”
“The Puget Sound continues to be one of the nation’s most dynamic economic tales, and we are excited to buy a high-quality multifamily project in an evolving location within the market,” said Matthew Friedman, Managing Director at Rockwood Capital.

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SAN JOSE, CA – Urban Catalyst submitted its formal application with city plotting officials for a 497-unit housing development in downtown San Jose, in partnership with local architect and entrepreneur Thang Do, CEO of Aedis Architects. The Apollo project will bring an 18-tale residential high rise to 32 Stockton Ave., at the corner of West Santa Clara Street.
The Apollo project is not part of either of Urban Catalyst s Opportunity Zone funds, which raise investor dollars for a variety of developments in downtown San Jose.
The residential housing will be built in a key downtown location, near the Diridon train station, the SAP Center and the coming Google mega-campus. The site is across the street from a Whole Foods store and just a small walk from many businesses along The Alameda.
The Apollo is another step to address the housing crisis in Silicon Valley, said Erik Hayden, CEO and managing partner of Urban Catalyst. When we build high-density residential units in a transit-oriented location, we are building to meet the needs of today and tomorrow.
In addition to its prime location, the Apollo will deliver on amenities. The property will feature a spa, an infinity pool with a see-through bottom above the main entrance, co-working space and two separate rooftop lounges. And it will be built with a post-Covid world in mind.
The Apollo will feature silent working spaces designed for the new hybrid work-from-home model, said Josh Burroughs, Urban Catalyst s chief operating officer and partner. Burroughs said the project will include ground-floor retail space as well.
Said Do: This is such a prominent site in downtown San Jose, we wanted to make a building with a strong presence and much vibrancy at the street level. And, at the same time, a lush, green oasis on the amenity terrace to serve the residents.

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