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Hayes Properties Pays $31M For Vintage Lincoln Park Apartment Tower


Hayes Properties bought an 18-story, 101-unit Lincoln Park apartment building for $31M from a group of investors who owned the building for 48 years. The building at 415 W Fullerton Pkwy was originally built in 1929. While it doesn't have the modern shared amenities of newer apartment buildings in River North and downtown, Gary Kromelow, one of the building's sellers, says its location one block from Lincoln Park and the surging market for multifamily properties were the main reasons the group entertained a sale. The previous ownership group bought the building in 1967. It includes 9,500 SF of street-level retail. [Crain's]