Studio Oakley Acquires Multifamily Asset From Nancy F Constable For $1.61M In Chicago

The asset involved in this transaction is a multifamily property located at 2920 West Palmer Street in the Chicago market. The sale price of the property was $1,612,500, and it includes 8 units. The total square footage of the property is 10,200, resulting in a price per unit of $201,562 and a price per square foot of $158.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,612,500
• Units: 8
• Square Feet: 10,200
• Price Per Unit: $201,562
• Price Per Square Foot: $158
• Buyer: Studio Oakley
• Seller: Nancy F Constable
• Buyer's Representative: Alexander Morsch - Cross Street
• Seller's Representative: John Grafft - Compass

This transaction marks a significant development as the property is being sold for the first time in 60 years to the local developer Studio Oakley. The new owner plans to gut renovate the property into 8 condo quality residences, capitalizing on its location in the heart of Logan Square.