Why are the folk at KIG smiling and drinking in the office? They're celebrating brokering a sweet eight-figure multifamily deal on the North Side. Susan Tjarksen (center, rear), Todd Stofflet, Laura Ballou and Jason Stevens repped seller The Kopley Group in the $21.5M sale of 5220 N Sheridan Rd in Edgewater to Spirit Bascom Ventures, a JV between Spirit Investment Partners and The Bascom Group.

The property is an eight-story former hotel with 223 units, near the lakefront, and marks the second acquisition this year of a large neighborhood asset for renovation and repositioning by an institutional buyer. The Spirit Bascom JV plans to completely renovate the apartments, add resident amenities and establish a retail component to the property.

The building was originally built in the 1920s and consist of mostly studio and one-bedroom units. The building is near the Berwyn Red Line "L" station and historically has high occupancy rates.