Updated Oct 28, 2024
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
$20,500,000
Units
30
Asset Type
MultiFamily
Closing
Aug 17, 2022
About this deal
AI
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.
On the Map
$20,500,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93