Mitchell Morgan, Jonathan Morgan & Jason Morgan Of Morgan Properties Acquire Multifamily Asset In Chicago For $39.4M

The 138-unit Noca Blu apartment building is located at 2340 North California Avenue in Chicago, within the Logan Square neighborhood. The property was sold for $39.4 million, translating to approximately $285,507 per unit. Built in 2018, it is currently 95% occupied with average monthly rents of $2,434, reflecting a slight increase from its previous sale price in 2021.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $39,400,000
• Units: 138
• Buyer: Mitchell Morgan, Jonathan Morgan & Jason Morgan - Morgan Properties
• Seller: Neil Gehani - Trilogy Real Estate Group
• Brokers: Chuck Johanns, Elizabeth Gagliardi & Susan Lawson - Newmark

The acquisition is part of a larger portfolio transaction valued at $501 million, which involves 3,054 units purchased from Trilogy Real Estate Group. The deal was facilitated by the brokerage team from Newmark, comprising Chuck Johanns, Elizabeth Gagliardi, and Susan Lawson.