Ben Friedman Of Abacus Capital Group Purchases Railway Plaza Multifamily In Naperville For $109M
507 Railway Dr
$109,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 9, 2024
AI
A multifamily asset located at 507 Railway Drive in Naperville has been purchased for $109 million. The property comprises 417 units, resulting in a price per unit of $261,391. It is currently 97% occupied with average rents at $2.07 per square foot.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $109,000,000
- Buyer: Ben Friedman - Abacus Capital Group
- Seller: Howard W. Lutnick - Cantor Fitzgerald; Joanna Zabriskie - BH Equities
- Brokers: Chuck Johanns, Liz Gagliardi & Susan Lawson - Newmark
- Units: 417
- Price Per Unit: $261,391
- Region: Naperville
The transaction highlights the involvement of New York-based Abacus Capital Group as the buyer, acquiring the property from a venture that includes Cantor Fitzgerald and BH Equities. This sale marks the highest-priced suburban Chicago apartment sale of 2024.
Players
Naperville 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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93