Updated Mar 11, 2025
Preservation Of Affordable Housing Acquires 240-Unit Multifamily In Chicago For $29.5M
6430 South Stony Island Avenue, Chicago, IL 60637, USA
$29,500,000
Units
240
Asset Type
MultiFamily
Closing
Jul 1, 2021
About this deal
AI
The multifamily property located at 6430 S. Stony Island in Chicago was recently sold in a closed transaction. The property consists of 240 units and was sold for a total price of $29,500,000, resulting in an average price per unit of $122,917. The sale took place on July 1, 2021, and the buyer was Preservation of Affordable Housing (POAH), represented by Aaron Gornstein & Andrew Spofford. The seller in the transaction was PNC Bank.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $29,500,000
- Address: 6430 S. Stony Island, Chicago
- Units: 240
- Price per Unit: $122,917
The buyer in the transaction, Preservation of Affordable Housing (POAH), was represented by Aaron Gornstein & Andrew Spofford. On the other hand, PNC Bank acted as the seller in the deal.
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
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93