Locally based Maplecross Development paid St. Regis Apartments Partnership $3.74 million or $38,974 per unit. The price included a pre-payment penalty of $240,000 on the first mortgage. The property is at 525 E. Michigan Ave.
Average base monthly rent for the 1,000-SF units on the south side of Downtown is $645. The building comprises 24 one-bedroom/one bath units; 24 two-bedroom/one bath units; 24 two-bedroom/two bath units; and 24 three-bedroom/two bath units.
Mark D. Smith of Smith Equities Corp. negotiated for the seller. Smith also represented St. Regis in its 1997 acquisition of Tara Oaks for $2.53 million. In that deal, St. Regis Partnership sold the 43-unit St. Regis Apartments, 319 E. Church St., via a 1031 Exchange transaction. The partnership used the proceeds to buy Tara Oaks.
The St. Regis brother-sister partnership comprises Neil Mizen of Chicago and Joyce Dolezar of Orlando.
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