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

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.