CHICAGO, IL – Beitel Group and the Scharf Group have acquired a 720-unit multifamily property within the Chicago metropolitan area for $110 million.
The New York-based companies plan to upgrade and enhance the property in effort to achieve an increased rent premium.
The planned improvements for the property include added amenities, such as a new business center, a state-of-the-art fitness center, a clubhouse and a leasing office.
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Beitel Group and the Scharf Group will additionally upgrade the property's exterior and unit interiors by redoing the roofs, sidings and windows, and implementing new appliances, resurfaced countertops, new cabinet doors, faux wood flooring and upgraded lighting.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
