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Castle Lanterra Sells 424-Unit Multifamily Property in Chicago for $49.5M

Midpointe Apartments has undergone several renovations and additions since 2014.

CHICAGO — Castle Lanterra Properties (CLP) has sold Midpointe Apartments in Chicago to an unnamed fund manager for $49.5 million. CLP acquired the 424-unit multifamily property in 2014 for $28.5 million. The company invested millions in upgrades to the property that included the construction of a new leasing office, resident lounge and fitness center. Other improvements included the installation of energy-efficient roofs, LED lighting, new elevators, parking lot resurfacing and renovations to 30 percent of the units. CLP refinanced the property for $40 million in June 2017.

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