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Jeffrey Elowe Of Laramar Group Purchases Wave Lakeview Apartments From Saul Kuperwasser & Yitzy Klor For $57 Million
SOLD
$57,000,000
Illinois
See Similar DealsMultiFamily
Sold 12/15/2025
SOLD
Jeffrey Elowe Of Laramar Group Purchases Wave Lakeview Apartments From Saul Kuperwasser & Yitzy Klor For $57 Million
420 West Belmont Avenue
See Similar DealsMultiFamily
Sold 12/15/2025
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,040,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$202,508.95
Cash-on-Cash Return-1.27%
Monthly Debt Service$270,209.08
Annual Debt Service$3,242,508.96
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