Newcastle Acquires Chicago Multifamily Asset
- Dec 18, 2018
Newcastle Limited has bought a 15-unit multifamily building in Chicago’s Logan Square neighborhood from Randolph Street Realty Capital. The transaction closed at $5.4 million with 33 Realty’s Managing Director Sean Connelly and Investment Broker Davis Edgerly working on behalf of both the buyer and the seller. Randolph Street bought the property in 2014 and has been working on repositioning it into a Class A apartment building, a process which the new owner will continue.
The community was completed in 2007 at 2000 N. Milwaukee Ave., intersecting with West Armitage Avenue. It sits across from a Walgreens store and near Concord Music Hall. In addition to the residential component, the property encompasses more than 3,200 square feet of retail space leased to a pet groomer and a construction contracting firm. The community also provides 16 parking spaces, which accounts for a hard-to-find 1:1 parking ratio.
“While we have seen an uptick in out of town money investing in Chicago, we have also seen long established Chicago players recalibrate their buying criteria to expand into new markets,” said Connelly in a prepared statement. “We believe that this demand will continue and that demand for these properties as long term holds will command a premium despite negative press and rising interest rates.”
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