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Renovated W. 115th Street Apartments Sell for $49.5M
Castle Lanterra Properties cashed in on its renovation of Chicago’s Midpointe Apartments at 4050 W. 115th St. by selling the property for $49.5 million.
A fund manager bought the 424-unit property, which Castle Lanterra bought for $28.5 million in April 2014. It refinanced the asset for $40 million in 2017 after the refurbishment.
“The asset attracted considerable interest from regional owner/operators, and from highly respected institutional fund managers and public REITs,” said Elie Rieder, founder and CEO of Castle Lanterra. “We chose this particular buyer because we were certain they had the financial wherewithal to close, and we felt they also had the operational expertise to continue operating the property at optimum levels.”
The renovations included a new leasing office, resident lounge, fitness center, energy efficient roofs, LED lighting, new elevators and laundry rooms. Some 30% of the units were refurbished with new flooring, stainless-steel appliances and more.
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- ◦Sale/Acquisition
