David Friedkin Of Friedkin Property Group Acquires One East Delaware Multifamily In Chicago For $130M

The property involved in this transaction is a multifamily asset located at 1 East Delaware Place in Chicago. The transaction was made for a total of $130 million, which translates to approximately $428,000 per unit for the 304 units available in the building, marking it as one of the city's notable multifamily trades this year, although still below pre-pandemic values.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $130,000,000
• Units: 304
• Price Per Unit: $427,632
• Buyer: David Friedkin - Friedkin Property Group
• Seller: Michael Newman - Golub & Company; Martin Zieff & David Friedkin - Alcion Ventures
• Brokers: Mark Stern, Kevin Girard & Zachary Kaufman - JLL

This transaction was brokered by JLL, with significant involvement from brokers Mark Stern, Kevin Girard, and Zachary Kaufman. The sellers, Golub & Company and Alcion Ventures, undertook substantial renovations before the sale, which contributed to the high value of the asset. The deal highlights the involvement of well-known figures within the real estate investment community.