Sovereignty Management Acquires Richton Square Multifamily In Richton Park For $27.5M

Sovereignty Management has acquired the Richton Square apartment complex located at 22300 Richton Square Road in Richton Park, Chicago's south suburbs. The multifamily property was sold by Globetrotters - Niranjan Shah for a total of $27,500,000. This transaction marks one of the largest-ever multifamily deals in Chicago. The property offers 342 units, with a price per unit (PPU) of approximately $80,409. The total square footage of the complex is 240,000, resulting in a price per square foot (PPSF) of $115.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $27,500,000
• Units: 342
• Price per Unit (PPU): $80,409
• Square Footage: 240,000
• Price per Square Foot (PPSF): $115
• Date: 08/11/2023
• Market: Richton Park
• Buyer: Sovereignty Management
• Seller: Globetrotters - Niranjan Shah

Niranjan Shah, representing Globetrotters, facilitated the sale of the Richton Square apartment complex to Sovereignty Management. The acquisition further strengthens Sovereignty Management's portfolio in the Chicago real estate market. With this transaction, Sovereignty Management continues to expand its presence in the multifamily property sector.