Midpointe Apartments

Property Overview

In April 2014, CLP purchased Midpointe Apartments (rebranded from Southgate Apartments), a 424-unit apartment community located in the Mount Greenwood section of Chicago, IL. The property, comprised of eight four-story elevator buildings, is located in an urban infill, supply-constrained submarket catering to a suburban living environment. Sourced off-market through a CLP relationship, the purchase price of $28.5 million represented a year-1 cap rate of 9% compared to an average cap rate of 7% for similar assets at the time.  CLP successfully sold Midpointe Apartments in February 2018.

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