Updated Sep 22, 2025
Jimmy Oppenheimer Of New City Property Management Acquires Multifamily Asset In Chicago For $26.5M
7251 South South Shore Drive
$26,500,000
Units
239
Asset Type
MultiFamily
Closing
Sep 22, 2025
About this deal
AI
The multifamily property at 7251 South South Shore Drive features 239 units and was constructed in 1958. It is located in the Chicago market and has a transaction value of $26,500,000, yielding a price per unit of $110,879. The asset includes two-bedroom units and offers lakefront amenities.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $26,500,000
- Buyer: Jimmy Oppenheimer - New City Property Management
- Seller: Brian Flaherty
- Mortgage Broker: Berkadia
- Units: 239
- PPU: $110,879
New City Property Management acquired the property from Texas investor Brian Flaherty. Berkadia facilitated a $21.8 million Fannie Mae loan for this transaction, contributing to the financial structure of the deal.
On the Map
$26,500,000
MultiFamily
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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
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93