Updated Dec 16, 2025
Jeffrey Elowe Of Laramar Group Purchases Wave Lakeview Apartments From Saul Kuperwasser & Yitzy Klor For $57 Million
420 West Belmont Avenue
$57,000,000
Units
207
Asset Type
MultiFamily
Closing
Dec 15, 2025
About this deal
AI
The property asset involved in the transaction is a 207-unit multifamily apartment building located at 420 West Belmont Avenue in Chicago. The sale was executed for $57 million, resulting in a price per unit of $275,362.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $57,000,000
- Buyer: Jeffrey Elowe - Laramar Group
- Seller: Saul Kuperwasser & Yitzy Klor - Strategic Properties of North America
- Units: 207
- PPU: $275,362
This transaction illustrates the representation of the buyer by Jeffrey Elowe of Laramar Group, while the sellers, Saul Kuperwasser and Yitzy Klor, are affiliated with Strategic Properties of North America. The sale reflects the strategic challenges faced by SPNA in its condo deconversion efforts, emphasizing issues around income generation and prior unsuccessful deals.
Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.28%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93