HP Ventures Acquires 32-Unit Multifamily Property On 2050 N. Clark St, Lincoln Park For $20.5M
SOLD
$20,500,000
Illinois
See Similar DealsMultiFamily
Sold 08/18/2022
SOLD
HP Ventures Acquires 32-Unit Multifamily Property On 2050 N. Clark St, Lincoln Park For $20.5M
2050 North Clark Street, Chicago, Illinois 60614, United States
See Similar DealsMultiFamily
Sold 08/18/2022
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The recently closed property transaction in Lincoln Park involved a multifamily asset located at 2050 N. Clark St. The property features 32 units, with a per unit price of $640,625. The sale was facilitated by Bill Cassin from Apartment Investment Advisers, representing the buyer HP Ventures and the seller Novak Development. The transaction was completed on August 18, 2022, with a sale price of $20,500,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $20,500,000
- Units: 32
- Price Per Unit: $640,625
- Address: 2050 N. Clark St
- Market: Lincoln Park
Bill Cassin from Apartment Investment Advisers played a crucial role as the broker in this deal, representing both the buyer, HP Ventures, and the seller, Novak Development. Their expertise and negotiation skills contributed to the successful completion of the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,093,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$72,832.18
Cash-on-Cash Return-1.27%
Monthly Debt Service$97,180.46
Annual Debt Service$1,166,165.50
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