CHICAGO-The Belden-Stratford Apartment community here has been sold to Madison, NJ-based Prudential Real Estate Investors for $86.8 million.
The 297-unit development was sold by an affiliate of Laramar Group LLC that acquired the property for $59.3 million two years ago. The 16-story Beaux Arts building at 2300 N. Lincoln Park West traded at a 46% profit for the Laramar Group, according to Crain's Chicago Business.
Laramar President Jeff Elowe says his firm will continue to manage the building for Prudential. Laramar began a significant upgrade of the property, but hired HFF to market the building for sale after renovating about one-third of the apartments at the property. Prudential's other local multifamily holdings include a 33-story apartment tower under construction in the West Loop and the 22-story Sono East apartment tower near the intersection of North and Clybourn avenues. See story in Crain's Chicago Business.
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