This Week's Chicago Deal Sheet: Investors Drop $52M On South Side Apartment Complexes
Two out-of-state investors picked up apartment properties on the South Side amid a hot market for Midwest multifamily.
Lincoln Avenue Communities, an affordable housing investor from California, paid $31M for Drexel Towers Apartments, a 136-unit Section 8 housing complex at 4817 S. Drexel Blvd. in Kenwood, according to Crain's Chicago Business.
Antheus Capital, a New Jersey-based company, purchased a 124-unit apartment building at 5550 S. Dorchester Ave. in Hyde Park for $20.5M.
Lincoln Avenue has a national portfolio of more than 170 properties in 28 states.
PEOPLE
Kiser Group added Viktor Radzieta to its team as an adviser specializing in multifamily investment properties. Radzieta will focus on North Side properties, aiming to make deals in Lakeview and Lincoln Park. He will work under Andy Friedman and Jake Parker.
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Gensler made two promotions to its leadership. The company named Meghan Webster the co-managing director of Gensler Chicago and named Todd Heiser co-regional managing principal of the North Central Region.
LEASES
AmTrust RE signed five new leases and renewals totaling 35K SF at One East Wacker. The leases were arranged and executed by Stream Realty Partners.
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Bulldog Cartage signed a 188K SF lease at 815 Kimberly Drive in Carol Stream. The company is expanding from its primary location in Addison. The landlord, Prologis, was represented by three Lee & Associates principals: Kenneth Franzese, John Cassidy and Jay Farnam. The tenant was represented by NAI Hiffman.
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Amsco Distributing signed a 15K SF industrial lease at 11419 Smith Drive in Huntley. Entre Commercial Realty's Kevin Kaplan was the sole broker in the deal.
SALES
A private buyer purchased an industrial infill property at 455 E. North Ave. in Carol Stream for $9.4M from Danco Properties. Pregis Corp. occupies the 110K SF building. Avison Young Industrial Capital Markets principals Erik Foster, Mike Wilson and Chris Lydon represented Danco Properties.
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An undisclosed buyer bought a multifamily property at 2630-2632 W. Winnemac Ave. in Lincoln Square for $1.6M. Kiser Group advisers Katie LeGrand and Jacob Price brokered the deal.
