A mixed-income apartment tower on Chicago’s North Side has sold for $119 million, overcoming a sluggish market for multifamily sales throughout the country amid rising interest rates and other economic worries.
Large housing deals that were commonplace before the pandemic are not common these days. Investors and lenders have become more cautious since interest rates began to rise last year and pushed home values lower. And brokers say many investors have become wary of investing in Chicago because of concerns about property taxes, public pension costs, regulation and crime.
US property investor Avanath Capital Management has acquired a $119m (€110m) multifamily community with ground-floor retail in Chicago.
Affordable housing options in the San Francisco Bay Area are far and few between. Yet an investment firm’s nearly $132 million portfolio acquisition for a pair of multifamily properties is one step toward addressing the worsening shortage of options for lower-income renters.
Daryl Carter just made one of his biggest deals in Chicago.
Avanath, an Irvine, California-based firm whose CEO and founder is Carter, paid $119 million for the 17-story Lincoln Park Plaza apartment tower, giving the firm its fifth Chicago-area property, Crain’s reported.
Commercial Real Estate Direct Staff Report Avanath Capital Management LLC has paid $119 million, or $464,843/unit, for Lincoln Park Plaza, a 256-unit apartment property in Chicago.
Two big apartment towers on Chicago’s North Side have sold for $200 million combined, breathing some life into a city multifamily investment market slowed by rising interest rates and wobbly financial markets. In the bigger deal, Irvine, Calif.-based Avanath Capital Management said it paid $119 million for Lincoln Park Plaza, a 256-unit mixed-income high-rise in Lakeview.
Avanath Capital Management LLC, a multifamily owner and operator that primarily focuses on affordable and workforce housing, announces that it has acquired Lincoln Park Plaza, a 256-unit mixed-use, mixed-income multifamily community with ground-floor retail, located in the Lakeview submarket of Chicago, Illinois, for a total consideration of $119 million.
Los Angeles-based Avanath Capital Management LLC, a multifamily owner and operator that primarily focuses on affordable and workforce housing, has acquired Lincoln Park Plaza, a 256-unit mixed-use, mixed-income multifamily community with ground-floor retail in Chicago’s Lakeview neighborhood. The $119-million acquisition is Avanath’s fourth in Chicago.
Congratulations Patricia Gaudin on your Distinguished Leaders in HR Nomination. Thank you for your exceptional work to achieve a culture of diversity, growth, and innovation at Avanath.
The Smart Agency