Turner Impact Capital has expanded its multifamily holdings in Chicago with a $57 million apartment property on the far Southwest Side.
The Santa Monica, California-based firm purchased Midpointe Apartments, a 423-unit “workforce housing” complex at 4050 West 115th Street, Crain’s reported. The price was almost $134,800 per unit. Built in 1973, the complex is an affordable option for residents earning up to 80 percent of the area’s median income.
The seller was a venture of Bridge Investment Group, which paid $49.5 million ($117,000 per unit) for the property in early 2018. Berkadia’s Ralph DePasquale represented Bridge Investment Group in the transaction.
The sale continues Utah-based Bridge’s divestments in the Chicago market. The company, led by CEO Jonathan Slager, recently sold the Sawgrass Technology Park in Sunrise for $49 million, a 34 percent discount from its purchase price in 2019.
Additionally, Bridge sold two senior living properties in Wheaton for a combined $78.6 million, amid declining capitalization rates in the senior housing sector.
This acquisition marks Turner Impact’s fifth multifamily property in Chicago; its portfolio now includes over 3,200 units. It bought a 1,155-unit property in Glendale Heights for $137 million ($118,600 per unit) in early 2022, and a 448-unit property in Palatine for $74.3 million ($165,800 per unit) in 2021.
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Midpointe Apartments, situated on an 18-acre lot in the Mount Greenwood neighborhood, has an average unit size of 750 square feet. The property is 96 percent occupied and spread across eight four-story buildings.
The property has been renovated over the years, including updates to 361 of the 423 units.
— Andrew Terrell