Edgewater Bringing in Institutional Investors

CHICAGO–The robust market for residential properties in Chicago is beginning to have an impact far from the West Loop and other hot neighborhoods. The institutional partnership of Spirit Bascom Ventures, LLC, a joint venture between Spirit Investment Partners, LLC and The Bascom Group, LLC, has just purchased 5200 Sheridan Rd. in Edgewater from The Kopley Group for $21.6 million and plans to give the 8-story, 223-unit building a full rehab and renovation.

“We are seeing a significant amount of interest from the institutional investors in these up-and-coming neighborhoods,” Todd Stofflet, managing partner, KIG, tells GlobeSt.com. He and the multifamily brokerage’s principal and managing broker, Susan Tjarksen, and associates Jason Stevens and Laura Ballou represented Kopley in the deal.