UPDATED, August 29, 4:50 p.m.: Social impact real estate investment fund Turner Impact Capital landed a $32 million loan for its newly acquired apartment complex in Justice.
The Santa Monica, California-based firm inked the debt deal with CitiBank, according to Cook County records. Turner picked up the Sunset Lake Apartments in May for $44 million from a land trust. It’s the firm’s first acquisition in the Chicago market.
The complex sits on 1.5 acres of land and is centered around a small man-made lake. There are 13 four-story buildings with 614 units that rent for between $840 and $1,295 per month, according to listings on Apartments.com.
Turner was founded in 2014 and is led by CEO Bobby Turner, who previously worked for Canyon Capital. The firm’s stated goals are to “address key societal challenges through community-serving real estate solutions,” including by preserving affordable housing units.
The firm focuses on workforce housing and owns and manages 7,800 affordable workforce units across the country, according to a May press release. Along with property investment, Turner invests in healthcare facilities and builds charter schools.
In 2016, the firm partnered with actress Eva Longoria to act as the spokesperson for its multifamily investment fund.
Turner himself is outspoken about his firm’s agenda. Later in 2016 he traded barbs with Los Angeles Mayor Eric Garcetti over the city’s outdating zoning code. Turner said the planning process in L.A. was holding back his firm’s efforts to preserve affordable housing.
Turner said the L.A. City Council needs to “get their shit together and pass a clear, thoughtful plan that encourages and supports new development and/or preservation of community-serving infrastructure.”