Rachel Kramer Of Exposition Residential Acquires Multifamily Property In Chicago For $32 Million
211 West Scott Street
$32,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 13, 2025
AI
The 71-unit Scott Residences located at 211 West Scott Street in Chicago’s Near North Side was acquired for $32,000,000. The multifamily asset, built in 2014, includes 9,230 sq. ft. of retail space and is currently 97% leased, reflecting the growing interest of out-of-state investors amidst rising rents and a supply shortage in the Chicago market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $32,000,000
- Units: 71
- Price Per Unit: $450,704
- Buyer: Rachel Kramer - Exposition Residential
- Seller: James D. Letchinger - JDL Development; Michael Marchese - Harlem Irving Companies
- Brokers: Kevin Girard, Mark Stern & Zachary Kaufman - JLL
- Date of Transaction: 06/13/2025
The acquisition by Houston-based Exposition Residential marks its third multifamily investment in Chicago since late 2023, indicating a strategic focus on the city's multifamily sector as market dynamics evolve.
Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93