JAB Real Estate Acquires 81-Unit Multifamily Building In Chicago For $34.5M

An 81-unit midrise property located at 20 North Aberdeen Street in Chicago's West Loop was sold for $34.5 million. The seller, David Schwartz of Waterton, incurred a $5 million loss compared to its purchase price in 2017. The sale price translates to a per unit price of $425,926.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $34,500,000
• Units: 81
• PPU: $425,926
• Buyer: Jim Jann & Frank Campise - JAB Real Estate
• Seller: David Schwartz - Waterton
• Broker: Mark Stern - JLL
• Market: Chicago
• Address: 20 North Aberdeen Street

Mark Stern from JLL represented the buyer, Jim Jann & Frank Campise of JAB Real Estate, in the transaction. The seller, Waterton, was represented by David Schwartz. The sale took place amidst rising interest rates, impacting property values in the area. Mentioned in a note is the challenge faced by companies like CedarSt due to high loan interests affecting their profitability in the market.