CHICAGO-Two recent multifamily rental property sales offer an example of why some investors are looking to head south along the city’s lakefront for investment opportunities. Buildings at 6341 N. Lakewood Ave. in the Edgewater neighborhood and 7237-43 S. Bennett Ave. in South Shore recently sold for $1.12 million and $1.1 million, respectively.

However, 6341 N. Lakewood Ave., near Loyola University, has six two-bedroom units. The fully-rented courtyard building at 7237-43 S. Bennett Ave., within walking distance of the South Shore Country Club, has 17 two-bedroom units as well as eight one-bedroom apartments.

“Brokerage firms reported that there is a trend of dollars moving into the Hyde Park and South Shore areas as the prices on the North Side rose so significantly and buyers see more upside in the South Shore markets,” Appraisal Research Counselors notes in its most recent Residential Benchmark Report.

Millennium Properties, Inc. associate Greg Block represented MLK Visions LLC, which bought the Shore Shore building from Jack Development. The seller, represented by Andrew Bulkowski of Chicago Realtors, Inc., paid $700,000 for the building in 2002, according to property records. Founders Bank financed the acquisition with an $880,000 mortgage.

Private investors swapped the Edgewater property, which was financed by a $1.2-million mortgage from Delaware Place Bank at 4.5%, according to property records. Inland Real Estate Sales, Inc. associate Daniel Skehan represented the seller in negotiations with the buyers’ agent, Michael Walker of the Habitat Co.

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