Turner Impact Capital has bought the 1,155-unit Ellyn Crossing Apartments in Glendale Heights, Ill. This is the company’s fourth acquisition in the Chicago area. The seller of the affordable property was Rockwell Partners.
Built in three phases between 1974 and 1976, the community offers one- and two-bedroom floorplans, ranging from 579 to 681 square feet, according to Yardi Matrix Data. In 2020, the previous owner converted condos back into apartments, aided by an $80.1 million Freddie Mac refinancing, having previously invested $4.5 million into unit upgrades, as well as $1.5 million into common-area renovations. Community amenities include a clubhouse, business center, activity room, fitness center, pool and playground.
Located at 440 Gregory Ave., the community is some 30 northwest of downtown Chicago and less than a mile west of East Branch Forest Preserve. A Walgreens is available less than a mile north of the property.
The new owner plans to install their standard sustainability initiatives, such as low-flow water fixtures, meter readers, Energy Star certified appliances, HVAC systems, proper insulation and LED lighting. An onsite center providing programs such as afterschool homework help, employment and rental assistance, healthcare access and fitness activities, as well as neighborhood watch events, will be available.
In December 2020, the firm closed its second, larger housing fund, through which Ellyn Crossing Apartments has been purchased, and which will enable the firm to buy and manage up to 10,000 additional affordable units. The company plans to invest $2 billion in naturally occurring affordable workforce housing.