New Identity Launches with Opening of Property Upgrades, New Leasing Office and Name Change to Midpointe Apartments
CHICAGO, Ill. – August 27, 2015 – (RealEstateRama) — Since it was constructed in 1973, a 424-unit multifamily property in Chicago’s southwestern corner has been known as Southgate Apartments, but under its new ownership that’s changing. Substantial upgrades and the opening of a new on-site leasing office will launch the property’s new identity as Midpointe Apartments, announced Elie Rieder, founder and CEO of Castle Lanterra Properties. The New York-based CLP acquired the four-story, eight-building property in April 2014.
“The new name denotes the property’s location, ‘midway’ between urban and suburban Chicago,” explained Rieder. “While it has an urban address, the surrounding community has more of a suburban feel. Located within the border of metro Chicago, a different town is literally across the street.”
“The Chicago address is important, because Chicago’s residency requirement stipulates that city workers live in the city and have a Chicago address,” he said. “Many of the tenants do work for the city – teachers, police officers, fire fighters. They have the benefits of a suburban quality of life, but they’re still within city limits. The location also benefits from the close proximity – right next door – of a large private high school.”
Since acquiring the property as its initial Chicago-area investment, CLP has allocated $3 million for upgrades at the now-named Midpointe. Initial work has included addressing deferred maintenance, replacement of roofs, new elevators, upgrades to the property’s amenities, and luxury renovations to residential units as they turn over. CLP has been replacing lighting throughout the property with energy-efficient LED lighting, and the new roofing is also more energy-efficient. CLP has also introduced a new website and residential portal for the property, www.midpointeapartments.com.
“We are investing a lot of money into this property to ensure that it is well-maintained and offers residents a high quality of life,” said Rieder. “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. This is the only property undergoing meaningful upgrades within the submarket.”
With occupancy consistently in the 95 percent range, additional units previously used for maintenance shops and storage are being brought back on line for residential use. “Construction of the new leasing office will expand space available for occupancy as well,” said Austin Alexander, managing director at CLP. “Along with the new leasing office, we are also opening a business center, a new fitness room, and are upgrading some of the other amenities, including the pool area and laundry rooms.”
Castle Lanterra Properties specializes in identifying investment opportunities in multifamily properties. Founded by Elie Rieder, the firm acquires, improves, repositions and manages a portfolio of properties across the Northeast, Mid-Atlantic and Southern U.S., with a proven track record of creating above-market returns for investors. In the past twelve months, Castle Lanterra Properties has acquired $290 million of assets including over 1,900 residential units.
About Castle Lanterra Properties
Media Contact: Karen Ravensbergen / (201) 796-7788 / @carylcomm