Albany Park Apartments Getting Upgrade Thanks to New Owner
- Dec 15, 2015
Albany Park, Ill.—Maven Real Estate Partners has acquired 3002 West Ainslie, a 31-unit apartment community in the Lincoln Square neighborhood of Albany Park, Ill., from Cedar Street.
“The appeal was the neighborhood and the value-add opportunity,” Nick Peterson, Maven Real Estate Partners director of operations, told MHN. “We’re really comfortable and familiar with this age of building and size of building, so it fits in well with our strategy.”
Integrated real estate firm 33 represented both parties in the transaction.
“Albany Park is a desirable area for investors and owners given the local socioeconomic statistics,” said Sean Connelly, 33’s managing director of commercial real estate. “With consistent rental growth, increased home values, proximity to green escapes such as Eugene Field Park and the burgeoning population attending local universities such as North Park University and North Eastern Illinois University, there is constant demand.”
Maven Real Estate Partners plans aesthetic upgrades to the apartments to achieve higher rental levels and other building improvements to maximize operating efficiency.
“We’re planning an extensive rehab, which will turn them into high-quality apartments,” Peterson said. “We’ll be adding quartz counter tops, hardwood flooring and stainless-steel appliances, among other upgrades.”
According to Mark Kurgan, one of 33’s junior investment brokers that specializes in Albany Park, the market continues to be strong for investors.
“The presence of two major universities and the resulting younger median age translates to strong rental demand,” he said. “The diverse population creates a cultural epicenter that is desirable to a versatile market.”