BJB Properties Acquires 425-Unit Multifamily In Chicago For $67.2M
SOLD
$67,200,000
Illinois
See Similar DealsMultiFamily
Sold 08/12/2022
SOLD
BJB Properties Acquires 425-Unit Multifamily In Chicago For $67.2M
4300 West Lake Avenue, Glenview, Illinois 60026, United States
See Similar DealsMultiFamily
Sold 08/12/2022
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 4300 West Lake Avenue in Chicago has been sold in a recent transaction. The sale was completed on December 8, 2022, with a sale price of $67,200,000. The property consists of 425 units, resulting in a per-unit price of approximately $158,118.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $67,200,000
- Address: 4300 West Lake Avenue, Chicago
- Market: Chicago
- Buyer: BJB Properties
- Seller: Fortress Investment Group - Wesley R. Edens
- Units: 425
- Price Per Unit: $158,118
BJB Properties acquired the property from Fortress Investment Group, with Wesley R. Edens acting as the representative for Fortress Investment Group in the deal. The transaction highlights the active real estate market in Chicago and the continued interest in multifamily assets.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,583,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$238,747.41
Cash-on-Cash Return-1.27%
Monthly Debt Service$318,562.28
Annual Debt Service$3,822,747.41
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