The local buyer paid nearly $9 million to Chicago-based Town Management to claim the 25-year-old, class B complex, which traded at a sub-5% cap rate. Right Place Properties will sink another $2 million into the conversion of 2938 N. 61st Place. Work on the exterior and interior upgrades will start in the fall, according to Bobby Bull, vice president of Transwestern Commercial Services Inc.'s local multifamily group.
Bull, the buyer's broker, tells GlobeSt.com that Shadow Bend Apartments fell out of escrow right before Right Place Properties stepped in to close the deal in just four days. "We were under contract with another buyer and were able to nominate Right Place as the new buyer," he explains. "Right Place came in with $300,000 earnest money and closed the transaction on time."
Shadow Bend Apartments was already condo-mapped. The townhouse-style mix consists of 24 one-bedroom units, 760 sf; 68 two-bedroom floor plans, ranging from 920 sf to 984 sf; and 16 three-bedroom designs, 1,120 sf. Monthly rents range from $640 to $899 in the 88%-occupied complex.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
