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A Highly-Disciplined, Value-Driven Real Estate Investment Firm

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About

Turnstone Group was established in 2001 to make real estate and real estate-related investments in the United States. Turnstone seeks to capitalize on opportunities created by the prevailing economic trends as well as the associated fundamental market dislocations found in various real estate-related markets and securities.

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Firm History

Turnstone Group is founded by Chip Johnson in Minneapolis, MN

2001

Turnstone acquires the 106 unit Timbers of Apple Valley apartment building through a deed-in-lieu transaction with the 1st position lender and negotiates settlements with the three junior lien holders for a total project capitalization of $11.7MM

Turnstone works with government agencies to remove restrictive affordability covenants and stabilize the operations of the project by driving occupancy from 73% to 95% before selling the property to a senior housing operator in 2007

2005

Turnstone acquires 151 apartment units across 5 buildings, located in the Whittier neighborhood of South Minneapolis, and secures Section 42 low income housing tax credits as well as Minneapolis Housing Revenue Bonds for the repositioning of the buildings.

2007

Turnstone acquires a diverse portfolio of real estate owned (REO) assets from a regional financial institution in 2011 - the portfolio contains a high concentration of single family lots in various forms of completion, with an allocated purchase price far below the replacement cost of the existing infrastructure

The initial portfolio purchase leads to the acquisition of bank REO and non-performing loan portfolios from over 51 financial institutions, comprising +$390MM of invested equity capital, with assets located throughout Southeast, Illinois and Arizona

2011 – 2014

Turnstone acquires 4 distressed condominium buildings with locations in Madrid, the Mediterranean Coast, and Ibiza, Spain with $27MM of invested equity

2014 – 2016

Turnstone acquires the Florida Gulf Coast Mitigation Bank located on 1,588 acres east of Cedar Key, FL that is permitted for 84 wetland mitigation credits

The credits are available for sale to developers that are required to mitigate wetland disturbances caused by public and private development projects along the Florida coast from Tampa to Tallahassee

2016 – PRESENT

Turnstone enters into joint venture partnerships for the development of self- storage facilities and opened its first CubeSmart the Atlanta MSA in April 2021. Additional projects are proceeding in Georgia and North Carolina

2020 – PRESENT

2003 – 2004

Turnstone acquires the Calhoun Place and RiverWest apartment buildings, located in Minneapolis, MN, comprising 526 units and converts to for-sale condominiums with a total capitalization of $17.5MM and $75.5MM for each project

Calhoun Place achieves 50% sellout within 3.5 months of grand opening, generating a 3.5x multiple on invested equity

RiverWest achieves 50% sellout within 9 months of grand opening, generating a 4.1x multiple on invested equity

2006

Turnstone develops a new construction luxury apartment building located along the Mid-Town Greenway and Lyndale Ave in Uptown Minneapolis, comprising 109 units and 7,000 square feet of retail space with a total capitalization of $21.3MM

The project is delivered on schedule and under the original construction budget, generating a 1.8x multiple on invested equity over the 29-month investment period

2010 – 2012

Turnstone acquires over 200 single family homes through county foreclosure auctions in the Atlanta metro area

The homes are renovated and sold to single family home purchasers

2013 – PRESENT

Turnstone enters into joint venture partnerships with multiple homebuilders in the acquisition or development of +1000 residential lots across multiple communities, with locations in Georgia, Florida, the Carolinas and Illinois

2015 – PRESENT

Turnstone acquires 9 value-add, operating RV resorts comprising 1,385 pads and 102 cabins with destination locations in Alabama, Florida, Missouri, New Mexico, Texas, and Wisconsin

 

Additionally, in 2016, Turnstone forms The IVEE Group (www.ivee.com), led by hospitality veteran Tom Mason, to manage its portfolio of RV resorts and pursue third party assignments

2019 – PRESENT

Turnstone enters into joint venture partnerships for the development of extended stay hotel opportunities, opening its first WoodSpring Suites hotel in Newnan, GA in March of 2021, which achieved an average occupancy of 91% in its second month of operation. Turnstone has additional projects underway in Florida, Georgia, and Minnesota

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Firm History

2001
Turnstone Group is founded by Chip Johnson in Minneapolis, MN
2003 – 2004

Turnstone acquires the Calhoun Place and RiverWest apartment buildings, located in Minneapolis, MN, comprising 526 units and converts to for-sale condominiums with a total capitalization of $17.5MM and $75.5MM for each project

Calhoun Place achieves 50% sellout within 3.5 months of grand opening, generating a 3.5x multiple on invested equity

RiverWest achieves 50% sellout within 9 months of grand opening, generating a 4.1x multiple on invested equity

2005

Turnstone acquires the 106 unit Timbers of Apple Valley apartment building through a deed-in-lieu transaction with the 1st position lender and negotiates settlements with the three junior lien holders for a total project capitalization of $11.7MM

Turnstone works with government agencies to remove restrictive affordability covenants and stabilize the operations of the project by driving occupancy from 73% to 95% before selling the property to a senior housing operator in 2007

2006

Turnstone develops a new construction luxury apartment building located along the Mid-Town Greenway and Lyndale Ave in Uptown Minneapolis, comprising 109 units and 7,000 square feet of retail space with a total capitalization of $21.3MM

The project is delivered on schedule and under the original construction budget, generating a 1.8x multiple on invested equity over the 29-month investment period

2007
Turnstone acquires 151 apartment units across 5 buildings, located in the Whittier neighborhood of South Minneapolis, and secures Section 42 low income housing tax credits as well as Minneapolis Housing Revenue Bonds for the repositioning of the buildings.
2010 – 2012

Turnstone acquires over 200 single family homes through county foreclosure auctions in the Atlanta metro area

The homes are renovated and sold to single family home purchasers

2011 – 2014

Turnstone acquires a diverse portfolio of real estate owned (REO) assets from a regional financial institution in 2011 - the portfolio contains a high concentration of single family lots in various forms of completion, with an allocated purchase price far below the replacement cost of the existing infrastructure

The initial portfolio purchase leads to the acquisition of bank REO and non-performing loan portfolios from over 51 financial institutions, comprising +$390MM of invested equity capital, with assets located throughout Southeast, Illinois and Arizona

2013 – PRESENT
Turnstone enters into joint venture partnerships with multiple homebuilders in the acquisition or development of +1000 residential lots across multiple communities, with locations in Georgia, Florida, the Carolinas and Illinois
2014 – 2016
Turnstone acquires 4 distressed condominium buildings with locations in Madrid, the Mediterranean Coast, and Ibiza, Spain with $27MM of invested equity
2015 – PRESENT

Turnstone acquires 9 value-add, operating RV resorts comprising 1,385 pads and 102 cabins with destination locations in Alabama, Florida, Missouri, New Mexico, Texas, and Wisconsin

 

Additionally, in 2016, Turnstone forms The IVEE Group (www.ivee.com), led by hospitality veteran Tom Mason, to manage its portfolio of RV resorts and pursue third party assignments

2016 – PRESENT

Turnstone acquires the Florida Gulf Coast Mitigation Bank located on 1,588 acres east of Cedar Key, FL that is permitted for 84 wetland mitigation credits

The credits are available for sale to developers that are required to mitigate wetland disturbances caused by public and private development projects along the Florida coast from Tampa to Tallahassee

2019 – PRESENT
Turnstone enters into joint venture partnerships for the development of extended stay hotel opportunities, opening its first WoodSpring Suites hotel in Newnan, GA in March of 2021, which achieved an average occupancy of 91% in its second month of operation. Turnstone has additional projects underway in Florida, Georgia, and Minnesota
2020 – PRESENT
Turnstone enters into joint venture partnerships for the development of self- storage facilities and opened its first CubeSmart the Atlanta MSA in April 2021. Additional projects are proceeding in Georgia and North Carolina
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