The Land Trust Co. Purchases Multifamily Building In Chicago For $1.2 Million With Buyer’s Rep Michael Ng

A seven-unit, fully occupied apartment building at 2935 South Throop Street in Chicago's Bridgeport neighborhood sold for $1.2 million, translating to over $171,000 per unit. The property is strategically located near Guaranteed Rate Field and Interstate 94, providing opportunities for rent increases.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $1,200,000
• Units: 7
• Price Per Unit: $171,429
• Buyer's Representative: Michael Ng - Mango Realty
• Seller's Representatives: Angelo Labriola & Paul Cawthon - SVN Chicago Commercial

The sale was facilitated by a partnership dissolution, resulting in the transfer of property ownership to The Land Trust Co., acting as trustee for its property-owner clients. Angelo Labriola and Paul Cawthon represented the seller, while Michael Ng represented the buyer in the transaction.