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Southwest Side Property Draws in Investors

A lot of big multifamily sales happen downtown and in the suburbs, but the SW side also has fans.

chi-MidpointeApartments (2) Midpointe Apartments in the Mt. Greenwood neighborhood.

CHICAGO—The competition to acquire healthy multifamily communities in the Chicago region can get intense, and not just for properties near downtown or on the North Shore. After attracting a lot of investor interest, Castle Lanterra Properties recently sold Midpointe Apartments, a 424-unit multifamily property at 4050 W. 115th St. on Chicago’s southwestern corner, to a fund manager. Suffern, NY-based CLP purchased Midpointe in April 2014 for $28.5 million, and refinanced it three years later for $40 million. Company officials say the $49.5 million sale price should generate an internal rate of return of 36%.

“Generally, we are a much longer-term owner,” Elie Rieder, founder and chief executive officer of CLP, tells GlobeSt.com. “We would have been happy to hold onto this property. But there was very strong interest from many qualified buyers, both institutional investors and family offices.”

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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