This series gets into the heads of the decision-makers of CRE, the people shaping the industry by setting investment strategy, workplace design, diversity initiatives and more.
Turner Impact Capital CEO Bobby Turner said he has always believed that workforce housing can also be a business that generates solid returns. But it has to be done right, with an eye kept on controlling costs and making careful choices when it comes to location.
His Santa Monica, California-based firm just acquired the 1,155-unit Ellyn Crossing Apartments community in suburban Chicago for $137M, the firm’s fourth workforce housing buy in the metro area and the largest-ever Chicago suburban apartment sale based on number of units and sale price.
Many investors don’t see workforce housing — homes that aren’t subsidized but are affordable to teachers, firefighters, postal workers and other essential employees — as a profitable enough business. That leads many to demolish such homes in favor of more luxurious units. Turner said he wants to help reverse that trend.