The South Shore Portfolio comprises:
- 7419 S Colfax: $3.6 million | 29 units
- 6700 S Chappel: $3 million | 27 units
- 2445 E 72nd: $2.85 million | 45 units
The three properties are all located in Chicago’s South Shore, with a strong focus around Jackson Park.
“According to CoStar, this is one of the neighborhood’s largest transactions in the past five years,” said Partner, Aaron Sklar. “It also marks one of the highest transactions on a per-unit basis. Furthermore, all of the buildings have been professionally managed and boast high end finishes with an incredibly strong history of high occupancy.”
With the uncertainty of the financial markets, the Birk | Sklar Team has seen increasing interest from buyers looking for large, updated, renovated properties in promising and developing neighborhoods. “Though prices have continued to rise, the demand for turnkey products has continued to increase,” said Sklar.
The buyer was able to obtain geographic economies of scale, and capitalize on an incredibly strong tenant base, turnkey assets, and plenty of room for rental growth. “These properties are all located on premier streets in some of the most appreciating and quickly developing pockets of the South Shore neighborhood,” said Sklar.
Click here to read the full story by France Media’s RE Business Online.