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5700 North Ashland Avenue

Lake Street Lofts Acquires Multifamily Property In Chicago For $53.5M
SOLDMultiFamily

Lake Street Lofts Acquires Multifamily Property In Chicago For $53.5M

5700 North Ashland Avenue

$53,500,000

Building Size

Asset Type

MultiFamily

Closing

Feb 23, 2023

AI

Located in the vibrant city of Chicago, at 5700 North Ashland Avenue, a multifamily property has been sold in a recent transaction. The property, known as Lake Street Lofts, was involved in a closed sale for a staggering amount of $53,500,000. Spanning across 126,900 square feet, this multifamily asset offers a PPSF (price per square foot) of $422.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $53,500,000
  • Address: 5700 North Ashland Avenue
  • Market: Chicago
  • Buyer: Lake Street Lofts - Pat Fitzgerald
  • Seller: MCZ Edgewater Development - Michael Lerner
  • Brokers: Lee Kiser, Jacob Price & Katie LeGrand - Kiser Group

In this transaction, Lake Street Lofts, led by Pat Fitzgerald, acted as the buyer, while MCZ Edgewater Development, headed by Michael Lerner, served as the seller. The deal was facilitated by the brokers Lee Kiser, Jacob Price, and Katie LeGrand, all from Kiser Group.

Players

Lee Kiser

Kiser Group

Broker

$186M

vol

13 deals

Broker
Katie LeGrand
Verified Badge

Katie LeGrand

Kiser Group

Broker

$53.5M

vol

1 deal

Broker
Sotheby's International Realty
Sotheby's International RealtyBrokerage

Pat Fitzgerald

Buyer

$102.5M

vol

2 deals

Buyer

Michael Lerner

Seller

$59.3M

vol

2 deals

Seller

Market 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

0.30%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93