J&J Equities Scoops Up Lakeview Apartments: The Chicago Deal Sheet
J&J Equities purchased a 72-unit multifamily property at 434 W. Wellington Ave. for about $10.8M from TLC Management.
The transaction is one of only a dozen Lakeview multifamily sales of over 60 units in the past five years, according to Kiser Group. The property was 98% occupied at the time of sale.
“Lakeview continues to demonstrate tremendous fundamentals, with strong renter demand and some of the highest rent growth in the city,” Jake Parker, senior director at Kiser Group, said in the release. “Assets of this size rarely trade in this submarket, and the level of interest we saw reflected that scarcity.”
J&J Equities plans to renovate units and enhance common areas. Kiser Group's Lee Kiser, Andy Friedman, Jake Parker and Viktor Radzieta represented the seller.
PEOPLE
Kiser Group added four new people to its multifamily and senior housing investment sales team: Sean Mangan, Will Sprinkman, Sam Harvey and Ethan Stratman. Mangan, Sprinkman and Harvey join the company as associates, while Stratman enters as an analyst.
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Stream Realty Partners added Ben Dickey to its Chicago office as vice president. Dickey will focus on landlord and tenant representation for industrial assets, working alongside Brian Duffy. Dickey joins Stream from CBRE, where he most recently served as first vice president.
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Lee & Associates hired George Aranowski to its industrial brokerage group as an associate. Aranowski will focus on the North DuPage, North Kane, Northwest Cook and O'Hare submarkets. He will provide landlord, owner, tenant and buyer representation services.
LEASES
CRC Group signed a 20K SF full-floor office lease at 123 N. Wacker Drive. The wholesale specialty insurance distributor will occupy the 19th floor. Sterling Bay works as the third-party property, asset and leasing partner at the building.
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The Brothers Pallet signed a 52K SF lease at 2700 McDonough St. in Joliet. The location, a former Caterpillar manufacturing facility, is The Brothers Pallet's second in the Chicago area. HCB Realty Partners' Brian Etten represented the tenant.
SALES
A local investor purchased a 55K SF multitenant medical and office building at 1952 McDowell Road in Naperville for $6.1M. The building is anchored by Advanced Behavioral Health Services, which occupies the entire third floor and recently expanded and extended its lease through 2029.
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A local investment group paid $7.9M for a six-property, 38-unit multifamily property portfolio in Noble Square. The six properties are at 1516 N. Greenview Ave., 1452 N. Greenview Ave., 1350 N. Greenview Ave., 1302 N. Cleaver St., 1362 W. Crystal St. and 1049 N. Marshfield Ave. Marcus & Millichap’s Tyler Preissing and James Ziegler marketed the property on behalf of the seller, a private investor, and procured the buyer.
