This article describes IMPACT V, a grant-funded preparation partnership among a community of institutions, and then considers whether such a partnership is a viable way to cultivate transformational and transformative sensibilities in building leaders. Methods included content analysis of baseline and summative student artifacts. Findings suggest that the program promoted elements of transformational leadership, as well as transformative leadership focused on liberation, democracy, equity, and justice. The program promoted school change and cultivated leadership and personal growth but suffered from unevenness in the program partnerships. Implications for leadership preparation are considered.