Edgewater Apartment Complex Trades for $40M-Plus
Two former Chicago hotel buildings later converted into apartments have been sold for more than $40 million, the Chicago Business Journal reported. Los Angeles-based investment firm Standard Companies closed Dec. 7 on the acquisition of the 371-unit Bryn Mawr Belle Shore Apartments, located at 5550 N. Kenmore Ave. in the Edgewater neighborhood, from Chicago-area Eagle Management RE LLC. The buildings also include retail space.
Ralph DePasquale with Berkadia represented the seller along with colleagues Jack Maloney and Brandon Grisham.
Built in the 1920s as hotels and located across the street from one another, the buildings were landmarked by the city. “These two historic hotels were converted to affordable rental units in the 1990s but retained their historic Art Deco architecture,” said DePasquale. “[The apartments] are mostly studios and some one-bedroom units.”
Photo credit: J. Crocker/Wikipedia.
- ◦Sale/Acquisition