Icarus Investment Group Acquires Multifamily In Chicago From ShainRealty Capital For $11M

The multifamily property located at 3153 West Madison Street in Chicago was recently sold for $11,000,000. The property features 96 units with an average size of approximately 1,275 square feet, comprised of large two-, three-, and four-bedroom units. Each unit is equipped with individual HVAC systems, and the property also includes an on-site management office. Additionally, the property benefits from a favorable Class 9 Tax Class status, leading to a reduction in tax assessment every year since its construction in 1986.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $11,000,000
• Units: 96
• Price Per Unit: $114,583
• Square Footage: 113,650
• Price Per Square Foot: $97

The sale of the property was facilitated by brokers Lucas Fryman and Ted Stratman from Interra Realty, representing the buyer Icarus Investment Group and the sellers Jonathan Shainberg and Elliot Shainberg of ShainRealty Capital. The acquisition of this property stands out in the East Garfield Park sub-market due to its large-scale nature, with very few similar transactions taking place in the area.