KIG Closes $19M Sale On Vintage Building in Chicago
- Dec 12, 2016
by Adina Marcut
Chicago—KIG has announced the $18.9 million sale of 6801 North Sheridan Road, a vintage nine-story, 160-unit building located in the Rogers Park neighborhood of Chicago.
The seller, The Kopley Group, was represented by KIG’s Principal & Managing Broker Susan Tjarksen, Managing Partner Todd Stofflet and Associates Jason Stevens and Laura Ballou. The institutional partnership of Spirit Bascom Ventures LLC, a joint venture between Spirit Investment Partners LLC and The Bascom Group LLC, purchased 6801 North Sheridan Road.
“We are excited to be a part of another transaction with Spirit Investment Partners. Their vision for repositioning vintage assets is exactly what Chicago neighborhoods need. The proximity to transportation and Loyola University Chicago makes this building especially attractive,” Todd Stofflet, managing partner at KIG, said in prepared remarks.
6801 North Sheridan Road offers primarily studio and one-bedroom floorplans. The property also features approximately 10,000 square feet of retail space. The multifamily property is located within walking distance from the Morse and Loyola Red Line stops and steps away from Lake Michigan. The area is experiencing a development boom, with the opening of a 145-key Hampton Inn in October. On the 6400 block of North Sheridan Road, a proposed seven-story, mixed-use development might include a Target.
Image via Google Street View