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Ron Abrams Of Silver Property Group Acquires 20-Unit Multifamily Building In Chicago For $22M

Property Image
SOLD
$22,000,000
Ron Abrams
Joe Smazal

Illinois

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MultiFamily
Sold 05/27/2025
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Property Image
SOLD

Ron Abrams Of Silver Property Group Acquires 20-Unit Multifamily Building In Chicago For $22M

2200 North Avers Avenue

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MultiFamily
Sold 05/27/2025
Ron Abrams
Joe Smazal
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involved a multifamily asset consisting of a 20-unit building located at 2200 North Avers Avenue in Chicago. The property, purchased for $22,000,000, had a price per unit of $1,100,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $22,000,000
  • Buyer: Ron Abrams - Silver Property Group
  • Seller: Jayson Lemberg & James Peterson - Pioneer Acquisitions LLC
  • Broker: Joe Smazal - Interra Realty
  • Units: 20
  • Market: Chicago

Silver Property Group, represented by Ron Abrams, acquired this asset as part of a larger portfolio deal that included 117 units valued at $22.3 million, which was previously owned by Pioneer Acquisitions LLC, represented by Jayson Lemberg and James Peterson. The deal was facilitated through Joe Smazal of Interra Realty, who managed the entire six-building transaction, all of which consisted of former failed condo conversions with upgraded finishes.

Players

Joe Smazal
Interra Realty
Joe Smazal
73 deals$596.9M volume
BROKER
Ron Abrams
Silver Property Group
Ron Abrams
3 deals$68.2M volume
BUYER

Details

SOLD
IMAGE: James Peterson, Joe Smazal, Jayson Lemberg & Ron Abrams DATE: 05/27/2025 ADDRESS: 2200 North Avers Avenue MARKET: Chicago ASSET TYPE: Multifamily BUYER: Ron Abrams - Silver Property Group SELLER: Jayson Lemberg & James Peterson - Pioneer Acquisitions LLC BROKER: Joe Smazal (@JSmazal) - Interra Realty (@InterraRealty) SALE PRICE: $22,000,000 UNITS: 20 ~ PPU: $1,100,000 NOTE: Silver Property Group acquired a 20-unit building at 2200 N. Avers Ave. in Avondale, completing a 117-unit, $22.3M portfolio deal with Pioneer Acquisitions. The six-building package, all former failed condo conversions with upgraded finishes, was brokered by Interra Realty’s Joe Smazal.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,173,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$78,161.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$104,291.22
Annual Debt Service$1,251,494.69