Pair of apartments in Chicago’s western suburbs and south side sell for $ 30 million

229 Park Avenue and 5736 South Stony Island Avenue

A pair of multi-family sales totaling $ 30 million on the south side of Chic ago and its western suburb of Clarendon Hills reflect the growing investor appetite for apartments, in stark contrast to the city’s affected office market. the pandemic.

Local real estate development and investment firms Hubbard Street Group, Centrum Realty & Development and Pine Grove Partners have sold 229 Park, a 43-apartment building located at 229 Park Avenue in Clarendon Hills, 35 km southwest of the center -City of Chicago. Local real estate developer HP Ventures Group paid $ 19.4 million for the fully occupied building.

“With its excellent location in an upscale suburb within walking distance, 229 Park is a great example of our niche strategy to serve tenants who prefer to rent high quality units in excellent locations,” said Steve Cook , Managing Partner of HP.

The property is a two-minute walk from the Clarendon Hills subway station and approximately 10 miles from the Chicago Midway International Airport.

While office buildings are still reeling from the pandemic, Chicago’s suburban and downtown multi-family market strengthened last year.

Multi-family property owners have sought to capitalize on higher rents and increased occupancy in suburban Chicago after the pandemic. In downtown Chicago, tenants signed about 9,000 new leases in the second quarter of last year, the strongest multi-family rental market in more than 10 years.

Local real estate investment firm 29th Street Capital also sold a 75-unit apartment at 5736 South Stony Island Avenue in Chicago’s Hyde Park neighborhood to an undisclosed buyer for $ 10.62 million.

After purchasing the property in 2017, 29th Street Capital renovated over half of the units, repainted hardwood floors, and added stone countertops. The building, which was 96 percent occupied, was contracted two weeks after it was put on the market.

The rental property is less than one mile from the Obama Presidential Center and offers several downtown bus routes including number 6 Jackson Park Express and number 15 Jeffery Local.

“It is within walking distance of the University of Chicago, a stone’s throw from a world-class museum, the Museum of Science and Industry, and a short distance from the lakefront and several modes of transportation. “said Lucas Fryman of Interra Realty, who represented both the buyer and the seller.

29th Street Capital, which acquired $ 3.1 billion in multi-family assets across the country, also sold a 42-unit rental property in the Mount Prospect suburb for $ 5.5 million in November.

[contact author email=”[email protected]”Text =” Contact Connie Kim “]

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