NBA's Giannis Antetokounmpo Buys Second Chicago Apartment Building: The Chicago Deal Sheet
The family office of Milwaukee Bucks player Giannis Antetokounmpo made its second Chicago multifamily purchase this year, paying $21M for the property at 948 W. Sunnyside Ave.
Ante scooped up the 59-unit Portrait apartment building just months after buying a 56-unit, four-story apartment building at 4513 N. Clark St., Crain's Chicago Business reported. Essex Realty Group, which did not name the buyer, said the building has added needed retail and apartment options to the area.
"The developer’s first-class product was a significant factor in the buyer’s decision to purchase the asset," Essex Realty Group's Jordan Gottlieb said in a press release.
Essex's Kate Varde and Matt Feo represented the seller, Mavrek, in the transaction, while Gottlieb and Rick Ofman, also of Essex, represented the buyer.
PEOPLE
Logistics Property Co. tapped Julio Lewis as executive vice president, head of asset management. Lewis will be based out of the company’s Chicago headquarters, where he will lead the asset management team and help to maximize the value of the company's portfolio. Lewis brings more than 15 years of experience in CRE.
SALES
Breneman Capital paid $10.5M for Logan Station, a 24-unit multifamily building at 2504-16 N. Willetts Court in Logan Square. The deal worked out to about $437K per unit, and the building was fully occupied at the time of sale. Interra Realty's Joe Smazal and Mark Dykstra represented the seller and procured the buyer.
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A local private investor paid $2.2M for a vacant, single-story building at 625 N. Kingsbury St. in River North from an entity controlled by Urban Innovations. The buyer plans to convert the property into a Top Dog Daycare & Hotel and expects to open this summer. Transwestern Vice President David Kimball represented the seller in the deal.
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An undisclosed buyer purchased 2156 and 2158 W. 21st St., a two-building, 24-unit multifamily portfolio in Pilsen, for $5.1M, or about $212K per unit. Interra Realty's Jeremy Morton represented the buyer and seller in the deal.
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Friedman Real Estate's Kellen Duggan completed the sale of the 17K SF retail and residential property at 2500 W. Chicago Ave. Friedman represented both parties in the deal.
LEASES
A local transportation company leased a 26K SF freestanding maintenance facility at 167 Flannigan Road in Hampshire. The building, which the company will make its headquarters, comes with 12 drive-in doors, two docks, trench drains, air lines, trailer parking and an office build-out. Entre Commercial Realty's Cory Kay, Mike DeSerto and Elisabeth Lazzara brokered the deal.
THIS AND THAT
Habitat started leasing at The Junction at OC Living at 1312 S. Talman Ave. in North Lawndale. The Junction at OC Living is the second of three residential phases within the $200M mixed-use, mixed-income Ogden Commons community developed by Habitat in partnership with Sinai Chicago. The new four-story building will deliver 75 apartments, with 76% of the residences reserved as affordable housing units.
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The Eisenberg Foundation, in partnership with Chicago-based developer Related Midwest, announced its 16th annual Case Competition. A total of 29 graduate and undergraduate college and university teams from across the country will present their proposals for the redevelopment of an 8-acre section of The 78 development in Chicago on April 11. Teams will present a comprehensive analysis on how to maximize the potential of the site from both a financial and a feasibility standpoint.
