Turner Impact Capital Makes 5th Chicago Investment
A joint venture led by Bridge Investment Group sold the workforce housing community.

Turner Impact Capital has acquired the 423-unit Midpointe Apartments in Chicago. A joint venture led by Bridge Investment Group sold the workforce housing community for $57 million, according to Crain’s Chicago. Berkadia represented the seller.
Bridge had bought the asset in 2018 for $49.5 million, Yardi Matrix data shows. The property is subject to a $40 million Fannie Mae loan originated by Newmark, due to mature in 2027.
Turner purchased Midpointe Apartments through its Multifamily Impact Fund III, which launched in October 2024. At the time, the firm was aiming to raise up to $750 million in equity.
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This investment marked Turner’s fifth purchase in metro Chicago, bringing its local footprint to more than 3,200 units. Its previous acquisition involved Ellyn Crossing Apartments in Glendale Heights, Ill., a 1,155-unit asset that the firm bought for $137 million in 2022, according to Yardi Matrix data.
Midpointe Apartments, up close
Located at 4050 W. 115th St., Midpointe is roughly 20 miles southwest of downtown Chicago, about 3 miles from Interstate 294. A park, several dining and retail options are within walking distance.
The garden-style property encompasses eight four-story buildings featuring studio, one- and two-bedroom floorplans ranging from 320 to 1,000 square feet. Amenities at the 1973-completed community include a swimming pool, gym, playground, as well as a business center. Turner will provide resident services such as youth education and adult financial literacy, to name a few.
Berkadia Managing Director Ralph DePasquale brokered the transaction on behalf of Bridge Investment Group.
Metro Chicago multifamily investment cools down
Chicagoland’s multifamily transaction volume totaled more than $2.2 billion in 2024, the same data provider reveals. The figure is 22.9 percent below the one registered in 2023, which landed at some $2.9 billion.
Investor interest in workforce and affordable housing assets softened last year in the metro. Of the total units that changed hands, around 22 percent pertained to workforce or fully affordable housing properties, down from 31 percent in 2023.