By Ioana Neamt, Associate Editor
A 424-unit apartment community in southwest Chicago is getting a fresh start.
Castle Lanterra Properties (CLP) is investing in substantial upgrades at a 42-year-old multifamily community previously known as Southgate Apartments. The New York City-based company acquired the property in April 2014, and has since allocated $3 million for upgrades at the site.
The four-story, eight-building asset will be rebranded Midpointe Apartments, due to its location ‘midway between urban and suburban Chicago’.
“Our goal is to provide a top-grade property, with unit finishes that one might see in upscale Class A urban core properties within Chicago, while maintaining a high level of affordability and giving residents good value,” Elie Rieder, founder & CEO of CLP, said. “This is the only property undergoing meaningful upgrades within the submarket.”
Since acquiring the property, CLP invested in roof replacements, new elevators, luxury renovations to residential units, and new, energy-efficient LED lighting systems. The company intends to convert units previously used for maintenance shops and storage to apartments, and also add a new fitness room, business center and on-site leasing office to the property. Midpointe Apartments has an occupancy rate consistently in the 95 percent range, and is conveniently located right next to a large private school.
Image courtesy of Castle Lanterra Properties