Real estate in our area continues to be hot, with the 233-unit apartment building at 5200 Sheridan going on the market. According to Globe.St.com:
“We are expecting to see offers north of $125,000 a door,” Susan Tjarksen, principal, managing broker of KIG, tells GlobeSt.com, or nearly $28 million. “Institutional investors from both coasts are showing increased interest in Chicago neighborhoods—especially Uptown, Logan Square and Edgewater. This is the biggest asset to be traded at a national level.”The entire article is on the GlobeSt.com website, and you must be registered to read it.
Originally built in the 1920s to serve as a luxury hotel, the building, now owned by the Kopley Group, features a mix of efficiencies, studios and one- and two-bedroom apartments. The first floor has about 25,000 square feet of vacant retail space which new owners can reconfigure for parking, amenities, or new commercial tenants. [...]
“The new ownership could also enhance the property with roof-top decks,” Stofflet adds. “The views of parks and Lake Michigan are incredible, and either of the expansive rooftops of the mid-level roof decks could be adapted for common area usage as an outdoor amenity.” [...]
“We have already seen strong interest and are expecting to call for offers by the end of the month,” says Tjarksen.