Apartment Investment Advisers Brokers Sale of Vintage Community

The sale of the 67-unit mid-rise apartment building located within the city’s Uptown neighborhood closed at $8.3 million. The new owner plans to transform the vintage apartments into luxury units.
940 W. Winona St., Chicago
940 W. Winona St., Chicago

Apartment Investment Advisers closed on the $8.3 million sale of Park Terrace Apartments in Chicago’s Uptown neighborhood. The eight-story, 67-unit property had been owned and operated by the same private investor since the mid-1990s. The price per unit exceeded $120,000, higher than what vintage assets in the area have traded for so far.

The Uptown neighborhood has always been ‘next’ because of its proximity to The Loop, the train and the lakefront but it finally feels like it’s turning the corner,” said Bill Cassin, co-founder of AIA, in prepared remarks. “Whereas vintage corridor properties were trading for $60-70,000 per unit in recent years, we’ve taken some big steps forward in value in 2017 with two recent benchmark sales.

Repositioning plans

The property is located at 940 W. Winona St. and was built in the 1920s. It offers a mix of 67 studio, one- and two-bedroom units, ranging in size from roughly 350 to 800 square feet. The new owner plans to reposition the community, continuing a trend that is gaining popularity in major cities across the country—transforming vintage assets into luxury communities. Cassin, who brokered the sale on behalf of the previous owner, pointed out that demand for small high-end units is strong among Millennials, who prefer to live alone than with several roommates.

The residents at Park Terrace Apartments can walk to Mariano’s grocery store on North Sheridan Road and other retail venues located along North Broadway. The Chicago O’Hare International Airport is approximately 15 miles away while downtown Chicago is less than 10 miles from the property.

Image courtesy of AIA