Friday, March 13, 2015

Sheridan/Foster Vintage Apartment Building Goes On The Market

Real estate in our area continues to be hot, with the 233-unit apartment building at 5200 Sheridan going on the market.  According to
“We are expecting to see offers north of $125,000 a door,” Susan Tjarksen, principal, managing broker of KIG, tells, 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.”

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.
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  1. This is all about rent-backed securities. Banks are buying up properties in big cities and renting them out. They are raising the rents but not improving the properties. Rent is going to be the next bubble. This will lead to the next crisis. Unfortunately, as this country continues to allow banks to finance candidates' elections, we will all suffer while banks will be bailed out again so that they could find a new financial instrument to manipulate the economy.

  2. Wow, more great news!