Cortland Acquires Multifamily Property In Chicago For $105M
SOLD
$105,000,000
Illinois
See Similar DealsMultiFamily
Sold
SOLD
Cortland Acquires Multifamily Property In Chicago For $105M
220 West Illinois Street, Chicago, Illinois 60611, United States
See Similar DealsMultiFamily
Sold
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 220 West Illinois Street in Chicago has been sold in a recent transaction for a total of $105,000,000. The sale was completed on 07/20/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $105,000,000
- Address: 220 West Illinois Street, Chicago
- Market: Chicago
- Buyer: Cortland - Steven DeFrancis
- Seller: Mapletree - Hiew Yoon Khong
- Units: 188
- Price per Unit (PPU): $558,511
Cortland, represented by Steven DeFrancis, acquired the property from Mapletree, represented by Hiew Yoon Khong, in this transaction. The property consists of 188 units.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,599,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$373,042.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$497,753.57
Annual Debt Service$5,973,042.82
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