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Bobby Turner Of Turner Impact Capital Acquires Midpointe Apartments In Chicago For $57M

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SOLD
$57,000,000

Illinois

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MultiFamily
Sold 01/13/2025
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Property Image
SOLD

Bobby Turner Of Turner Impact Capital Acquires Midpointe Apartments In Chicago For $57M

4050 West 115th Street

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MultiFamily
Sold 01/13/2025
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The 4050 West 115th Street property, known as Midpointe Apartments, is a 423-unit multifamily asset located in Chicago's Far Southwest Side. It was acquired by Turner Impact Capital for $57,000,000. The property features a price per unit of $134,752 and has a current occupancy rate of 96%. The seller, Bridge Investment Group, initially purchased the property for $49.5 million in 2018 and has since invested $4.6 million in renovations.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $57,000,000
  • Units: 423
  • Price Per Unit: $134,752
  • Buyer: Bobby Turner - Turner Impact Capital
  • Broker: Ralph DePasquale - Berkadia

Turner Impact Capital aims to enhance workforce housing in the area, focusing on city employees. With 361 units already upgraded, the property presents potential for further value-add opportunities.

Players

Ralph DePasquale
Berkadia
Ralph DePasquale
6 deals$196M volume
BROKER

Details

SOLD
IMAGE: Bobby Turner & Ralph DePasquale DATE: 01/13/2025 ADDRESS: 4050 West 115th Street MARKET: Chicago ASSET TYPE: MultiFamily BUYER: Bobby Turner - Turner Impact Capital BROKER: Ralph DePasquale (@DePasqualeRalph) - Berkadia (@Berkadia) SALE PRICE: $57,000,000 UNITS: 423 ~ PPU: $134,752 NOTE: Turner Impact Capital acquired the 423-unit Midpointe Apartments in Chicago's Far Southwest Side for $57M, marking a modest gain for seller Bridge Investment Group, which bought the property for $49.5M in 2018 and invested $4.6M in renovations. The workforce housing complex, 96% occupied, caters to city employees and offers value-add potential with 361 units already upgraded.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,040,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$202,508.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$270,209.08
Annual Debt Service$3,242,508.96