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Zell Kravinsky Of Morning Sky Capital Acquires Multifamily Asset From Greg Fowler For $19.3M

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SOLD
$19,300,000

Illinois

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MultiFamily
Sold 03/14/2025
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Property Image
SOLD

Zell Kravinsky Of Morning Sky Capital Acquires Multifamily Asset From Greg Fowler For $19.3M

1 North Main Street

See Similar Deals
MultiFamily
Sold 03/14/2025
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The property asset involved in the transaction is a multifamily unit located at 1 North Main Street in Algonquin, featuring a total of 63 units. The sale price for the property was $19,300,000, translating to a price per unit of $306,349.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $19,300,000
  • Address: 1 North Main Street
  • Market: Algonquin
  • Units: 63
  • Price per Unit: $306,349
  • Buyer: Zell Kravinsky - Morning Sky Capital
  • Seller: Greg Fowler - FPA Multifamily

A venture led by Zell Kravinsky’s Morning Sky Capital acquired the property from FPA Multifamily, which aligns with FPA's strategy of divesting smaller assets while pursuing larger acquisitions, exemplified by a recent $68 million purchase in Naperville.

Players

Greg Fowler
FPA Multifamily
Greg Fowler
17 deals$1.3B volume
SELLER

Details

SOLD
IMAGE: Greg Fowler & Zell Kravinsky DATE: 03/14/2025 ADDRESS: 1 North Main Street MARKET: Algonquin ASSET TYPE: Multifamily BUYER: Zell Kravinsky - Morning Sky Capital SELLER: Greg Fowler - FPA Multifamily SALE PRICE: $19,300,000 UNITS: 63 ~ PPU: $306,349 NOTE: A venture led by Zell Kravinsky’s Morning Sky Capital acquired the 63-unit ReNew on Main at 1 N. Main St. in Algonquin from FPA Multifamily for $19.3M, assuming an $11M mortgage. The deal continues FPA’s strategy of selling smaller assets while acquiring larger ones, including a recent $68M purchase in Naperville.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,029,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$68,568.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$91,491.85
Annual Debt Service$1,097,902.16