Urban Equity Properties Acquires Elgin Tower Multifamily For $6M

Urban Equity Properties CEO Justin Fern has acquired the Elgin Tower in Elgin, a 15-story structure built in 1929 that is still the tallest in the northwest Chicago suburb. The property, located at 100 East Chicago Street, was purchased for $6,000,000 from its previous owner, Capstone Development Group. The transaction took place in the multifamily market and included 44 units, resulting in a price per unit of $136,364.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,000,000
• Units: 44
• Price per Unit: $136,364
• Buyer: Urban Equity Properties - Justin Fern
• Seller: Capstone Development Group - Bill Luchini

Capstone Development Group, based in St. Louis, allegedly defaulted on a $10.5 million loan, which led to a foreclosure lawsuit. As a result, Justin Fern's firm, Urban Equity Properties, seized the opportunity to acquire the Elgin Tower at a discounted price. With this acquisition, Fern's firm now owns the tallest building in Elgin, adding to their extensive multifamily property portfolio.