Northeast

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.

 


Gallery

Photo of Midpointe Apartments

Property Details

Acquisition Date April, 2014

Disposition Date February, 2018

Address 4050 W 115th St
Chicago , IL 60655

Number Of Units 424

Square Footage 317,490