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