T
urner Impact Capital has expanded its Chicago multifamily holdings with a $57 million apartment purchase on the far Southwest Side. The Santa Monica-based firm acquired Midpointe Apartments, a 423-unit workforce housing complex at 4050 West 115th Street. Built in 1973, the property offers affordable options for residents earning up to 80% of the area's median income.

    The sale marks Turner Impact's fifth multifamily property in Chicago, adding over 400 units to its portfolio of more than 3,200 units. The company has been actively expanding its presence in the city, with recent purchases including a 1,155-unit property in Glendale Heights for $137 million and a 448-unit property in Palatine for $74.3 million.

    Bridge Investment Group, led by CEO Jonathan Slager, sold Midpointe Apartments to Turner Impact after purchasing it for $49.5 million in 2018. The sale continues Bridge's divestment strategy in the Chicago market, following recent sales of a technology park and two senior living properties.