Turnstone Development
Turnstone Development is a 1998-founded not-for-profit affordable housing developer that delivers 1,600+ units across 37 acquisition, rehabilitation, and new-construction projects in Illinois and Wisconsin, supported by FHLBank Chicago AHP and similar public subsidy channels.
- Company typePrivate
- Founded1998
- HeadquartersFort Lauderdale, United States
- Headcount1–10
- GTM typeB2C
- OfferingServices
What Turnstone Development does
Turnstone Development is a not-for-profit real estate development corporation founded in 1998 and headquartered in Fort Lauderdale, Florida. The organization specializes in affordable housing delivery, executing its work through three production modes: acquisition of existing properties, rehabilitation of existing units, and ground-up new construction. Its operating geography is concentrated in Illinois and Wisconsin, where the entity has built a pipeline of 37 housing projects encompassing over 1,600 housing units. Customer beneficiaries are LIHTC-eligible low- and moderate-income households — Turnstone does not sell to commercial buyers and is not a market-rate developer.
The organization's business model is consistent with a mission-driven non-profit affordable housing developer rather than a commercial for-profit operator. Capital is sourced primarily from public subsidy programs — most notably a $52 million award under FHLBank Chicago's 2025 Affordable Housing Program (announced November 6, 2025) — supplemented by other tax-credit and grant channels typical for LIHTC syndications and Federal Home Loan Bank AHP cycles. Pricing details, developer fee schedules, and resident rent structures are not publicly disclosed in the available data. With 1-10 employees, the entity operates with a lean staff structure typical of sponsor-level non-profit developers, relying on project-level contractors, property managers, and syndication partners to execute its portfolio.
Strategic positioning is anchored on long-standing local relationships in the Illinois-Wisconsin corridor and eligibility for regulated affordable-housing funding, rather than on any disclosed proprietary technology, intellectual property, or differentiated platform. No AI, software, API, or technology-stack disclosure exists in the input. The single disclosed alliance in the data set is the FHLBank Chicago AHP partnership (Tier 1 / Core strategic relationship, FHLBank funding the entity). No management team, board of directors, regulatory actions, M&A, or funding-round information is available beyond the public founding date.
Turnstone Development firmographics
Firmographics- Name
- Turnstone Development
- Website
- https://turnstonedev.org
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Turnstone Development is a 1998-founded not-for-profit affordable housing developer that delivers 1,600+ units across 37 acquisition, rehabilitation, and new-construction projects in Illinois and Wisconsin, supported by FHLBank Chicago AHP and similar public subsidy channels.
- Ownership category
- akta.pro rank
Turnstone Development industry classification
Industry- Product category
- Affordable Housing Development
- NAICS
- Residential Building Construction (23611), Residential Building Construction (2361), Residential Remodelers (236118), New Housing For-Sale Builders (236117)
- SIC
- General Bldg Contractors - Residential Bldgs (1520)
- akta.pro primary industry
- Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)
Keywords
Where Turnstone Development is headquartered
LocationHeadquarters
- HQ city
- Fort Lauderdale
- HQ country
- United States
- HQ region
- North America
Markets served
Turnstone Development business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Supply Chain, Operations, Personnel
Turnstone Development product offering
Product offeringCore offering
Turnstone Development is a not-for-profit real estate development corporation that develops affordable housing through acquisition, rehabilitation, and new construction. The organization has produced 1,600+ housing units across 37 projects concentrated in Illinois and Wisconsin, with project financing sourced from affordable housing programs such as FHLBank Chicago's $52 million 2025 Affordable Housing Program award.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Over 1,600 housing units to be created through 37 housing projects
Companies that use Turnstone Development
Customer profileIdeal customer profiles2 records
Turnstone Development technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Turnstone Development partnerships and signals
Strategic signalScale indicators2 records
Recent moves2 records
Expansion highlights3 records
Turnstone Development competitors and assessment
Company assessmentDirect peers
- BRIDGE Housing: Non-profit developer of affordable and mixed-income housing combining new construction and rehabilitation. Directly comparable in mission, three-modality approach, and reliance on public subsidy programs.
- The Community Builders: Non-profit developer of affordable and mixed-income housing with a multi-state footprint, combining new construction and rehabilitation. Comparable mission and reliance on LIHTC/subsidy capital.
- Aeon: Non-profit affordable housing developer operating in the Upper Midwest, combining new construction, acquisition, and rehabilitation. Strong geographic and structural comparability to Turnstone's IL/WI footprint.
- Mercy Housing: National non-profit affordable housing developer and operator building and rehabilitating affordable rental housing. Highly comparable in non-profit structure, development-plus-operations model, and reliance on LIHTC and subsidy capital.
- Preservation of Affordable Housing (POAH): Non-profit owner and developer focused on preserving and creating affordable rental housing through acquisition, rehabilitation, and new construction. Comparable in modality mix and non-profit structure.
- McCormack Baron Salazar: National affordable housing developer focused on distressed urban communities, combining new construction and rehabilitation. Comparable in mission and multi-modality development approach.
- Enterprise Community Partners: One of the largest U.S. non-profit affordable housing developers, similarly focused on acquisition, development, and preservation of affordable housing through subsidy programs. Direct comparable in mission, structure, and operating model to Turnstone.
Broad incumbents
- The Related Companies: Large for-profit developer with a major affordable housing arm; competes for the same LIHTC-funded projects and subsidy dollars. Comparable in product type but materially larger scale and for-profit structure.
- Local Initiatives Support Corporation (LISC): National community development non-profit that both finances and supports affordable housing developers, including in the Midwest. Operates more broadly as a CDFI but is thematically central to the affordable housing ecosystem in which Turnstone operates.
Emerging players
- Volunteers of America National Services: Non-profit that develops and operates affordable and supportive housing across multiple states. Comparable mission and operating posture, though VOA is broader in social services beyond housing.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat2 records
Key risks5 records
Key highlights5 records
Customer concentration
Turnstone Development social profiles
Digital presenceTurnstone Development financial estimates
Financial estimateRevenue estimate
Valuation estimate
Turnstone Development leadership team
Management profileNumber of profiles
Turnstone Development funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Turnstone Development M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Turnstone Development
What does Turnstone Development do?
Turnstone Development is a not-for-profit real estate development corporation that develops affordable housing through acquisition, rehabilitation, and new construction. The organization has produced 1,600+ housing units across 37 projects concentrated in Illinois and Wisconsin, with project financing sourced from affordable housing programs such as FHLBank Chicago's $52 million 2025 Affordable Housing Program award.
Is Turnstone Development a public or private company?
Turnstone Development is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Turnstone Development founded?
Turnstone Development was founded in 1998. It employs 1 to 10 people.
Where is Turnstone Development based?
Turnstone Development is headquartered in Fort Lauderdale, United States, in the North America region.
Who are Turnstone Development's main competitors?
Direct peers on record are BRIDGE Housing, The Community Builders, Aeon, Mercy Housing, Preservation of Affordable Housing (POAH), McCormack Baron Salazar and Enterprise Community Partners. Broad incumbents are The Related Companies and Local Initiatives Support Corporation (LISC). Volunteers of America National Services is listed as an emerging player.
Does Turnstone Development have an API?
No public API is recorded for Turnstone Development.
What industry is Turnstone Development in?
Turnstone Development's product category is Affordable Housing Development. Its primary akta.pro industry code is IMAFABAL, Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities). Its NAICS code is 23611 and its SIC code is 1520.