CHICAGO-The Belden-Stratford Apartment community here has beensold to Madison, NJ-based Prudential Real EstateInvestors for $86.8 million.
The 297-unit development was sold by an affiliate ofLaramar Group LLC that acquired the property for$59.3 million two years ago. The 16-story Beaux Arts building at2300 N. Lincoln Park West traded at a 46% profit for the LaramarGroup, according to Crain's Chicago Business.
Laramar President Jeff Elowe says his firm willcontinue to manage the building for Prudential. Laramar began asignificant upgrade of the property, but hired HFF to market thebuilding for sale after renovating about one-third of theapartments at the property. Prudential's other local multifamilyholdings include a 33-story apartment tower under construction inthe West Loop and the 22-story Sono East apartment tower near theintersection of North and Clybourn avenues. See story inCrain's Chicago Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
