Greystone Real Estate Advisors closed on the sale of a three-property portfolio containing 146 apartment homes in Chicago, IL. William Montana and Christopher Sackley facilitated the transactions on behalf of the long-term owner. The total price for the portfolio was $15,350,000, equating to an average per apartment price of $105,000.
Located in the Chicago neighborhoods of Rogers Park and Edgewater, the vintage, three-story courtyard buildings, which were constructed circa 1926, are comprised of a unit mix ranging from studios to three-bedroom apartment homes. In total, there are 35 different floorplans ranging in size from 319 to 1,188 square feet. The diversity of the portfolio’s unit mix, the population density, and the locational attributes found in the Edgewater and Rogers Park neighborhoods should sustain the properties’ high historical occupancy and foster future rent growth.
The buildings were sold simultaneously to two separate investors. The new owners plan to gain operational efficiencies and to increase rents through improvements and upgrades.