4544 N. Wolcott, Chicago, IL
CHICAGO, IL—LakePointe Apartments has acquired a three-building, 36-unit portfolio in the Ravenswood neighborhood of Chicago for $4.5 million. The properties are located at 4855 N. Hermitage, 4544 N. Wolcott and 4616 N. Wolcott. Kiser Group's Rick Ofman represented the buyer and Lee Kiser and Danny Logarakis represented the seller, who was not identified.
“Between the location and opportunity, I knew this would be a great value-add play for the buyer, whose past developments have been largely in Uptown,” says Ofman. “When these buildings are finished, they will be outstanding to live in.”
All three buildings are 1960s construction and value-add opportunities. 4855 N. Hermitage has 10 units, 4544 N. Wolcott has 11 units and 4616 N. Wolcott has 15 units.
“With nearly 30 showings and nine offers, there was strong investor interest for this portfolio. The price-per-door may seem low for multifamily properties in Ravenswood because these buildings are prime value-add opportunities with all units needing to be updated,” says Logarakis.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
