Standard Communities Acquires Lincoln Park & Bolingbrook Multifamily For $110M
SOLD
$110,000,000
Illinois
See Similar DealsMultiFamily
Sold 03/01/2023
SOLD
Standard Communities Acquires Lincoln Park & Bolingbrook Multifamily For $110M
2757 North Pine Grove Avenue, Chicago, Illinois 60614, United States
See Similar DealsMultiFamily
Sold 03/01/2023
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 2757 North Pine Grove Avenue in Lincoln Park and 503 Kildeer Drive in Bolingbrook has been sold for a total price of $110,000,000. The property consists of 466 units, translating to a price per unit of $236,051. The sale was completed on January 3, 2023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $110,000,000
- Address: 2757 North Pine Grove Avenue, Lincoln Park & 503 Kildeer Drive, Bolingbrook
- Market: Lincoln Park & Bolingbrook
- Buyer: Standard Communities - Jeff Jaeger & Scott Alter
- Seller: David Katz
- Units: 466
- Price per Unit: $236,051
The transaction was facilitated by Jeff Jaeger and Scott Alter representing Standard Communities as the buyers' representatives. David Katz acted as the seller in this deal.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$390,806.76
Cash-on-Cash Return-1.27%
Monthly Debt Service$521,456.12
Annual Debt Service$6,257,473.43
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